Fannie May Restate Earnings as SEC Probe Continues And Questions Are Raised About GSE’s Auditors
October 22, 2004
It’s looking more and more likely that Fannie Mae will have to restate its earnings after the government-sponsored enterprise this week conceded that its third-quarter results will be delayed and that a formal investigation has been launched by the Securities and Exchange Commission. At a House hearing this month, Fannie Mae Chairman and CEO Franklin Raines rebuffed charges lodged by the Office of Federal Housing Enterprise Oversight that his firm manipulated its books in order…