Report: Fannie Departed From GAAP,'Improperly Stressed' Profit Growth

Vadum, Matthew
February 2006
Bond Buyer;2/24/2006, Vol. 355 Issue 32326, p5
Trade Publication
The article reports that the Federal National Mortgage Association's accounting practices and overemphasis on stock earnings contributed to the secondary mortgage accounting problems according to a report published by former senator Warren Rudman. The organization revealed that it has overstated earnings from previous years by 10.8 billion dollars.


Related Articles

  • Wires Cross, Fannie Stock Reels. Blackwell, Rob // American Banker;1/6/2006, Vol. 171 Issue 4, p19 

    This article reports that conflicting wire reports about the conclusions of an internal investigation into Fannie Mae's accounting scandal caused the company's stock to rise Thursday to a five-month high before falling back later in the day. Investors bought shares after a Bloomberg Business...

  • We're all agreed, then: What brought Fannie. Krebsbach, Karen // U.S. Banker;Apr2006, Vol. 116 Issue 4, p18 

    The article discusses the reason of the decline of Fanfnie Mae's financial performance in the U.S. Former Senator Warren Rudman released a report detailing accounting failures of Fannie Mae and he calls it a corporate culture of arrogance that allowed these abuse to fester. Fannie Mae's...

  • Rudman Report: Watershed Point For GSE Reform? Rucker, Patrick // American Banker;2/22/2006, Vol. 171 Issue 35, p3 

    This article reports that Fannie Mae faces yet another crossroad this week as the results of an investigation into the government-sponsored enterprise's accounting scandal are made public. Depending on what he found during his 17-month hunt, former Sen. Warren Rudman's conclusions could embolden...

  • Rudman: Fannie Probe to End in Weeks. Heller, Michele // American Banker;1/4/2006, Vol. 171 Issue 2, p18 

    This article reports that former Sen. Warren Rudman, whom Fannie Mae hired in September 2004 to head an internal investigation into its accounting, said he expects to complete his report "in the next three to four weeks." The investigation will end "hopefully by the end of this month" but could...

  • Fannie Mae releases Rudman Report.  // Mortgage Banking;Apr2006, Vol. 66 Issue 7, p12 

    The article reports on the release of former United States Senator Warren Rudman's report regarding Fannie Mae's accounting and governance. It discusses the Bush administration's position that Congress should reduce the mortgage portfolios of Fannie and of the government-sponsored enterprise...

  • Fannie Fallout: Who Gets Hurt? Eisler, Kim; Conconi, Chuck // Washingtonian Magazine;Nov2004, Vol. 40 Issue 2, p19 

    Focuses on issues arising from the decline of the stock value of the Federal National Mortgage Association (Fannie Mae) as of November 2004. Investigations faced by several Fannie Mae executives regarding the issue; Allegations of former Fannie Mae financial accounting manager Roger Barnes on...

  • Housing: Report: Fannie Departed From GAAP, 'Improperly Stressed' Profit Growth. Vadum, Matthew // American Banker;2/24/2006, Vol. 171 Issue 37, Special section p5 

    This article presents information from Warren Rudman's report about financially troubled Fannie Mae's sloppy accounting practices and overemphasis on stock earnings that contributed to the secondary mortgage giant's current accounting problems. Fannie Mae overstated earnings from previous years...

  • Waiting for GSE Reform Trigger Event. Blackwell, Rob; Mullins, Luke // American Banker;8/15/2005, Vol. 170 Issue 156, p1 

    Speculates that legislation to reform the government-sponsored enterprises will pass in 2005 only if more bad news befalls Fannie Mae by September 30, 2005. Consideration of events that may uncover additional accounting issues with Fannie, including an investigation by the company's outside...

  • FANNIE REPORT MAY NOT BE FINAL.  // National Mortgage News;12/19/2005, Vol. 30 Issue 12, p2 

    This article focuses on a report on the internal investigation into Fannie Mae's accounting scandal, which is headed by former senator Warren Rudman. Fannie Mae's board retained Rudman and his law firm in the fall of 2004. It was thought he might complete his work this past fall and release a...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics