Altes Elliott-Wellen-Forum - Nächste üble Meldung: Fannie Mae accounting practices

dottore

07.05.2004, 17:49

Nächste üble Meldung: Fannie Mae accounting practices

Thread gesperrt

-->Acuh aus der NYT (Auszug):

"Fannie Mae Is Ordered to Restate Some Losses
By ALEX BERENSON

Published: May 7, 2004

Fannie Mae, the giant housing finance company, has improperly accounted for some of the bonds in its $1 trillion portfolio, a federal regulator said yesterday.

The Office of Federal Housing Enterprise Oversight, which regulates Fannie Mae, ordered the company to recalculate losses on the bonds by next Friday. The recalculation could force Fannie Mae to restate its profits downward, although the oversight office did not order that step.

It is not clear how large a restatement Fannie Mae might have to make. The bonds under scrutiny include $8 billion in securities backed by mobile homes and $300 million backed by aircraft leases. Although the securities make up less than 1 percent of Fannie Mae's portfolio, they have become a focus for critics who say that the company hides losses and is riskier than it appears.

The order yesterday came in a letter from Armando Falcon, director of the oversight office, to Franklin D. Raines, the chairman of Fannie Mae. In the letter, Mr. Falcon also said that the oversight office was continuing a broader inquiry into Fannie Mae's accounting. "

Gruß!

x Thomas

07.05.2004, 18:12

@ dottore

Erst wenn es bei den Immos klemmt, erst dann wird es wohl, am Aktienmarkt,

-->nachhaltig nach unten gehen.
Alle anderen Preisrückgänge, bei den Aktien, sind nichts weiter als Spielgelüste einer übersättigten Gesellschaft.

Gruss

Thomas

>Acuh aus der NYT (Auszug):
>"Fannie Mae Is Ordered to Restate Some Losses
>By ALEX BERENSON
>Published: May 7, 2004
>Fannie Mae, the giant housing finance company, has improperly accounted for some of the bonds in its $1 trillion portfolio, a federal regulator said yesterday.
>The Office of Federal Housing Enterprise Oversight, which regulates Fannie Mae, ordered the company to recalculate losses on the bonds by next Friday. The recalculation could force Fannie Mae to restate its profits downward, although the oversight office did not order that step.
>It is not clear how large a restatement Fannie Mae might have to make. The bonds under scrutiny include $8 billion in securities backed by mobile homes and $300 million backed by aircraft leases. Although the securities make up less than 1 percent of Fannie Mae's portfolio, they have become a focus for critics who say that the company hides losses and is riskier than it appears.
>The order yesterday came in a letter from Armando Falcon, director of the oversight office, to Franklin D. Raines, the chairman of Fannie Mae. In the letter, Mr. Falcon also said that the oversight office was continuing a broader inquiry into Fannie Mae's accounting. "
>Gruß!