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Thursday April 07, 06:54
Falcon: Fannie broke accounting rules
(by Olivia Cohen)

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Falcon: Fannie broke accounting rules The US government-backed mortgage lender Fannie Mae is accused by the Ofheo regulator of breaking accounting rules in order to keep the best securities within the company while the investors received the rest.

Armando Falcon Jr., director of the Office of Federal Housing Enterprise Oversight, said that the company used to hold the most lucrative mortgage-backed securities while selling off less attractive ones.

Ofheo revealed that Fannie’s violations are serious enough to force it to the results restatement. Fannie Mae’s smaller sibling, Freddie Mac, is also accused of rule violation.

In testimony before a House financial-services subcommittee, Mr. Falcon said Fannie tried to "keep the best; sell the rest." He did not provide any other violations in the company.

Fannie’s spokesman declined to comment on the issue.
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20 May 2005 09:16 AM Fannie Mae bolstered capital
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19 Apr 2005 05:29 PM Fannie and Freddie fans oppose portfolio limits
14 Apr 2005 05:11 PM Restrictions on Fannie, Freddie portfolios get support in House
 


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