Mal wieder Fannie Mae

verfasst von dottore, 28.09.2004, 14:36

-->Hi,

aus der heutigen NYT (Auszüge, quotable):

Fannie Mae is under investigation for accounting irregularities

A former employee, Roger L. Barnes, who first raised questions about the accounting, is considered the main witness.

[Hoffentlich überlebt der das]

Fannie Mae, the nation's largest mortgage buyer and a financial juggernaut that affects the lives of tens of millions of home buyers, agreed yesterday to major changes in its accounting and management practices in an unusual deal reached after a week of negotiations with the company's federal regulator.

Die Regulierer hatten festgestellt: accounting irregularities and earnings manipulation that helped enrich the company's senior executives

[Tja, da wäre mal ein Aufenthalt in einem bestimmten Ambiente nicht übel]

and presented an apparently [!] false portrait of Fannie Mae's financial well-being to the public.

... analysts and others said it might be only the first of many changes at Fannie Mae.

The company is still the subject of a Securities and Exchange Commission investigation that may eventually extend to major Wall Street firms that have dealt with Fannie Mae. Congress is also planning its own hearings on Fannie Mae...

Should further irregularities surface at Fannie Mae, the ramifications could be significant, not only for the company itself, but for the entire mortgage market, which has long depended on Fannie Mae's financial muscle and presence to make widespread home ownership a cornerstone of American life.

[Mögliche Folgen:]

... if Fannie Mae's activities were curtailed as a result of the current investigations, mortgage rates may rise modestly, creating a political nightmare for members of Congress who may have to face the wrath of angry homeowners.

[Geld fehlt natürlich auch:]

Among the most important changes Fannie Mae has agreed to is a requirement that it add more than $5 billion [!] in fresh funds to its capital reserve within the next nine months, a move that would bring its total reserve to about $9.4 billion.

[Und die alten Bilanzen?]

A person [Insider]... is suggesting that the company may have to make enormous restatements as it revises previously issued financial results.

[Ansonsten:]

To meet the new cushion requirement, Fannie Mae would have to shrink itself by selling assets, take on new debt by pursuing a large bond offering, or issue fresh equity that would damp the price of a stock that is among the most widely held in the country.

Übrigens steht JPMChase als nächster auf der SEC-Liste (wg. FM), will es aber nicht kommentieren.

Gruß!

Thread gesperrt

 

gesamter Thread:

• Mal wieder Fannie Mae - dottore, 28.09.2004, 14:36
  • Könnte der Kollaps von Fannie Mae der Nadelstich für die US-Immo-Blase sein? (o.Text) - Silberblick, 28.09.2004, 15:04
    • Re: das ist nicht die Frage, sondern ob Fannie kollabieren dürfte. (o.Text) - kingsolomon, 28.09.2004, 16:42
  • Gibt es Parallelen zum Anfang vom Ende von Enron? (o.Text) - Silberblick, 28.09.2004, 15:07