Tuesday, October 05, 2004

Fannie Mae Report

Rita reports that the faculty have been asking for the report accusing Fannie Mae of improper accounting practices. It was released by Fannie Mae's regulator, the Office of Federal Housing Enterprise Oversight (OFHEO), and is officially called the "Report of Findings to Date Special Examination of Fannie Mae." At the OFHEO Website the report is found in the statement of the OFHEO Director Armando Falcon Jr. dated September 22, 2004. The report (more than 200 pages) is available at http://www.ofheo.gov/media/pdf/FNMfindingstodate17sept04.pdf .
Rita has signed up for e-mail alerts and will be following this issue.

In addition to OFHEO, the Justice Department and the SEC are investigating. This week the House Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises (part of the House Committee on Financial Services) will hold hearings about the issue. Documents will be posted at their Website http://financialservices.house.gov/index.asp.

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