OFHEO Slams Fannie on Its Accounting for ABS, Directs GSE to Recognize Portfolio ‘Impairments’
May 7, 2004
In a black eye for Fannie Mae and its accounting practices, the Office of Federal Housing Enterprise Oversight this week accused the government-sponsored enterprise of misapplying accounting rules and ordered the firm to take a write-down on its multibillion dollar portfolio of securities backed by manufactured housing loans.