Fannie Finds More Holes in MBS Accounting Practices, Offers Detail on New Investments
May 12, 2006
Fannie Mae this week announced that it has found new problems in its accounting for certain mortgage securities transactions but still hopes to have its revised 2004 financial statements sometime in the second half of this year. Officials at the government-sponsored enterprise also said they welcome new regulatory guidance on nontraditional mortgage products as a development that should balance the market a little more in Fannie’s favor. Most mortgage lender groups, as well as those…