Fannie Mae Review Pinpoints Errors In $11B Scandal

Law360, New York (November 10, 2005, 12:00 AM EST) -- Mired in an $11 billion accounting scandal, mortgage-buying giant Fannie Mae released Thursday an updated laundry list of accounting irregularities while trying to update its image with new board members and executives.

Announcing a new chief financial officer, new chief operating officer and several other high-profile positoins, Fannie Mae made clear an investigation by the Securities and Exchange Commission is taking its toll on the government-sponsored company.

Fannie Mae, which has failed to file an earnings report with the SEC since late 2004, named former MCI...
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