FNM muss Gewinne revidieren

verfasst von CRASH_GURU, 16.12.2004, 09:16

-->Das sollte nicht ganz nehativ für meine FNM K.O.s sein - hoffe ich zumindest...

By Stephen Labaton
The New York Times
Wednesday, December 15, 2004

http://www.nytimes.com/2004/12/16/business/16fannie.html

WASHINGTON -- The staff of the Securities and Exchange
Commission has ordered Fannie Mae, the nation's largest
buyer of mortgages, to restate its earnings over the last
four years after concluding that it had violated accounting
rules on its treatment of derivatives and loans.

The agency's findings, announced Wednesday evening by
Donald T. Nicolaisen, its chief accountant, is a huge
setback for the company and its chairman and chief
executive, Franklin D. Raines.

Fannie said last month that if it was found to be in
violation of the rules, it might have to report after-tax
losses on its derivatives transactions of as much as
$9 billion.

Fannie Mae was created to promote home ownership.
It does so by buying mortgages from banks that issue
them, allowing those banks to make further mortgages
and keeping interest rates low. Fannie Mae, now
privately owned, has become a giant, with about $1
trillion in assets.

Chuck Greener, the company's top spokesman, said
the decision"will have a negative impact on our
minimum capital position" but declined to quantify it.
In September, Fannie agreed to increase its capital
reserve to $9.4 billion.

"We are committed to taking the steps necessary to
comply with our minimum capital requirement," Mr.
Greener said, adding that the company would also
abide by the decision of the chief accountant. Analysts
have said that Fannie Mae could shore up its capital
by selling some of its mortgage portfolio or by a
securities offering.

Mr. Nicolaisen said that the SEC investigation of Fannie
Mae was continuing. The Justice Department is also
looking at the company's accounting.

For Mr. Raines and his top advisers, however,
Wednesday's announcement could be ominous news.
Both Mr. Raines and Armando Falcon Jr., the director of
the Office of Federal Housing Enterprise Oversight,
which has been aggressively looking at Fannie Mae,
received details about the findings in a briefing at the
commission late Wednesday.

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gesamter Thread:

• FNM muss Gewinne revidieren - CRASH_GURU, 16.12.2004, 09:16
  • SEC wirft Fannie Mae unsaubere Buchhaltung vor - off-shore-trader, 16.12.2004, 09:20