Fannie Mae whistleblower to speak at House panel

[seemslikeadream]

Tue Sep 28, 2004 10:58 AM ET
WASHINGTON, Sept 28 (Reuters) - A Fannie Mae (FNM.N: Quote, Profile, Research) official who raised concerns about the company's accounting with government regulators will testify before a congressional panel Oct. 6, a committee aide said on Tuesday.

http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=6354819


Fannie Mae meets OFHEO demand
The agreement generally aimed at limiting of Fannie Mae’s explosive activity and involves interests of Bush administration and the U.S. Federal Reserve. The problem appeared when the company lifted its mortgage holdings to $895 billion past decade, fivefold as compared with the previous one.

http://www.financegates.com/Items/fannie_2809-2204.html


UPDATE 1-Any Fannie restatement subject for SEC inquiry-COO
Tue Sep 28, 2004 10:47 AM ET
(Adds more quotes from executive)
WASHINGTON, Sept 28 (Reuters) - Whether mortgage finance giant Fannie Mae (FNM.N: Quote, Profile, Research) will have to restate its earnings as a result of accounting problems cited by regulators will be up to the Securities and Exchange Commission to consider, a company executive said on Tuesday.

Daniel Mudd, the company's chief operating officer, said an earnings restatement has not been discussed in talks with the company's financial regulator, the Office of Federal Housing Enterprise Oversight.
http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=6354700


Fannie Mae Goes Along to Get Along
By agreeing to its regulator's demands, the mortgage titan has largely defanged its critics and distanced itself from scandal

Fannie Mae's political savvy apparently has rubbed off on its board. Moving quickly to defuse a showdown with their regulator, the mortgage giant's directors signed off Sept. 27 on an agreement promising to boost Fannie's capital, tighten up its accounting, strengthen the board's audit committee, and scrub down the CFO shop, where expenses allegedly were manipulated to smooth reported earnings for several years.

http://www.businessweek.com/bwdaily/dnflash/sep2004/nf20040928_2132_db016.htm

[yowzayowzayowza]

1. What's the story...

behind the increase in holdings?

The problem appeared when the company lifted its mortgage holdings to $895 billion past decade, fivefold as compared with the previous one.