Fannie Mae Chooses New Auditing Head

Law360, New York (May 22, 2006, 12:00 AM EDT) -- Still knee-deep in an alleged $11 billion accounting scandal, government-sponsored mortgage provider Fannie Mae has replaced the chairman of its board's audit committee, a position deemed critical to the company’s efforts to get back on its feet.

On Friday, Fannie Mae revealed that the board has tapped University of Georgia accounting professor Dennis Beresford to replace audit committee chairman Thomas Gerrity, who stepped down from the position he has held since 1999.

"Over the past two years, Tom has indicated that ... following the board's corporate...
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