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Monday April 04, 12:20
Fannie Mae under Ofheo’s scrutiny again
(by Olivia Cohen)

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The Office of Federal Housing Enterprise Oversight (Ofheo) seems to have taken the nation’s largest government-backed mortgage lender under the scrutiny amid the accounting scandal as the company is accused of cooking the books for quite a long time.

Ofheo launched a probe to find out whether the mortgage lender failed to account properly for the trusts it sets up to issue securities known as MBS.

Ofheo’s director Armando Falcon said the regulator is still considering the measures that could be applied if Fannie Mae really failed with trust accounting.

Last year, regulators, including the Securities and Exchange Commission, launched a probe where tried to find out whether Fannie Mae and its sibling Freddie Mac violated the accounting rules when treated derivatives used to hedge interest-rate risks. The SEC even ordered Fannie Mae to restate its results for the past seven years. The company was also advised to replace its outside auditor.

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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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