Fannie Mae bolstered capital - FinanceGates.com

An experienced guide to the world of finance
providing tools and information that help make
best financial decisions

		My FinanceGates.com		Register

Home

News |

Banking

News & Commentary

News

Reviews

Columnist Articles

RSS News

Economy

Economic Charts

Financial Calendars

Banking & Loans

Loan Rates

Deposit Rates

Rate Alert

Banking Top Rating

Education

Banking

Investing

Stock Brokerage

Dictionary

Financial Directory

Banking

Funds

Insurance

Stock Brokerage

Billing

My FinanceGates

MLS Canada

Market News	Insurance	Billing
Banking	Business News	World News
Funds	Brokerage

Friday May 20, 09:16

Fannie Mae bolstered capital

(by Olivia Cohen)

Send link to friend

Government-backed Fannie Mae bolstered its capital, according to its regulator, the Office of Federal Housing Enterprise Oversight, and was "significantly undercapitalized" at the end of 2004.

The Ofheo is forcing Fannie Mae, the nation’s biggest government-sponsored mortgage lender, to restate recent earnings and change accounting practices.

Fannie Mae and its smaller sibling Freddie Mac were accused of accounting violations by the regulators. Federal Reserve Chairman Alan Greenspan called Congress to impose tight limits on Fannie’s mortgages and related securities.

Fannie Mae was "adequately capitalized" as of March 31 and "significantly undercapitalized" at the end of 2004, according to the Office of Federal Housing Enterprise Oversight.

In December, the Securities and Exchange Commission found out that Fannie had violated accounting rules on the valuation of derivative contracts used to hedge interest-rate risks. That resulted into Fannie’s restatement of earnings for the past several years.

Fannie Mae is predicted to suffer losses of about $10.8 billion on derivative contracts.

All banking news

Read the related news and articles:
12 May 2005 12:38 PM	One more accounting violation found by Fannie
20 Apr 2005 08:03 AM	Debate over Freddie's and Fannie's portfolios is raging on
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
08 Apr 2005 08:40 AM	Fannie and Freddie to be put under strict regulatory limits

SUBSCRIPTION

Join FinanceGates.com mailing list and get news and financial advices on home finance, auto finance, insurances, funds, online payments and much more.

Copyright © FinanceGates.com - independent financial advice and personal finance advice, an InternetGates.com company, 2003-2008. All rights reserved.
Finance Gates provides personal finance advice on banking, insurance, investing and billing.
Reading materials of this site you can be sure that you get independent financial advice.