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Article: CCAGW: The Other Shoe Drops at Fannie Mae, Tough Legislative Action Needed.
- Article from:
- PR Newswire
- Article date:
- September 22, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON, Sept. 22 /PRNewswire/ -- The Council for Citizens Against Government Waste (CCAGW) today called upon Congress to protect taxpayers by instituting tough new oversight rules for the nation's largest housing government-sponsored enterprises (GSE) Fannie Mae, Freddie Mac and the Federal Home Loan Bank Systems. The statement comes in the wake of news that the Office of Federal Housing Enterprise Oversight (OFHEO), in the course of its ongoing review of Fannie Mae, has uncovered evidence of improper accounting practices, lax corporate governance, and manipulation of earnings reports in order to maximize bonus packages for Fannie Mae executives. Based upon those ...