Fannie Whistleblower Says Management Used MBS Amortization System to Manage Income
October 8, 2004
While the Office of Federal Housing Enterprise Oversight was soundly criticized this week for failing to provide facts or evidence to back up its allegations of earnings management and accounting misdeeds at Fannie Mae, that perception could be changing. Included in the materials released at this week’s congressional hearing was written testimony from a former Fannie Mae employee who claims that he repeatedly warned senior management – including CEO Franklin Raines and CFO Timothy Howard…