Fannie Mae’s Accounting Practices Similar to Those That Waylaid Freddie Mac Last Year, OFHEO Says
September 23, 2004
The Office of Federal Housing Enterprise Oversight turned up the heat on Fannie Mae with the release of a preliminary report that details evidence of accounting mismanagement at the government-sponsored enterprise that traces back to 1998. The 198-page document was released late Wednesday after OFHEO presented it to Fannie’s board Monday afternoon. The report outlines problems that were uncovered at the GSE during a special forensic accounting probe launched by the regulator in February. Its…