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Senate Panel Probes More Fannie Misdeeds

Law360 (June 16, 2006, 12:00 AM EDT) -- Mortgage giant Fannie Mae's senior employees are facing scrutiny from a federal official, who told the U.S. Senate Banking Committee that the executives enriched themselves with bonuses based on manipulated accounting.

James B. Lockhart III--director of the Office of Federal Housing Enterprise Oversight, whose agency oversees Fannie Mae and its equally troubled sibling, Freddie Mac--said at a U.S. Senate Banking Committee hearing this week that approximately 10 executives pocketed the bonuses when the company reported hitting earnings-per-share targets, according to Dow Jones.

An OFHEO report issued...
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