Fannie Mae braces for report ($11 bn in cooked books)

[kurtyboy]

http://money.cnn.com/2006/05/23/news/companies/fannie.reut/index.htm?cnn=yes

May 23, 2006: 8:34 AM EDT


WASHINGTON (Reuters) - Fannie Mae faces the most comprehensive and potentially damaging report on its multibillion-dollar accounting problems this week when its U.S. regulator releases findings from a nearly three-year probe.

According to sources, the report could be tougher than a previously released probe that largely insulated current management and the board from blame.

The sources, who were briefed on the findings, said the report may say executives used bad accounting to massage earnings and could recommend new investigations into some current company officials.

The report, due Tuesday morning from the Office of Federal Housing Enterprise Oversight (OFHEO), also will recommend controlling the company's "growth," sources said, noting that could be accomplished by forcing Fannie Mae to maintain a currently imposed 30 percent surplus of capital over the minimum required by the regulator.

[indepat]

1. Gee, wonder if anyone was harmed by these cooked books

[stepnw1f]

2. no kidding

will this ever stop? These fuckers have figured that the price they pay for crimes is profitable, until we make that impossible.

[sam sarrha]

3. i saw a program about their ripping off of Student loan holders...

it was really predatory, they give the loans then collect predatory interest rates the first chance they get..

if you dont have the money to pay them back on time and default on a payment, you will be in debt to them 2 to 3 times the loan i VERY SHORT ORDER.!!!!!!!!