Fannie Mae Plagued By New Errors

Law360, New York (March 13, 2006, 12:00 AM EST) -- For the second straight year, Fannie Mae has delayed submitting its annual report to the U.S. Securities and Exchange Commission, as the beleaguered mortgage giant revealed fresh accounting errors in a Monday filing with the SEC.

While Fannie Mae has made "substantial progress" in its review of accounting policies and practices, the government-sponsored business will miss the Thursday deadline to file its 2005 annual report.

Fannie Mae also admitted that it expects the management report, required by the 2002 Sarbanes-Oxley Act, to show that its internal...
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