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Article: Fannie Mae restates $$
- Article from:
- Deseret News (Salt Lake City)
- Article date:
- December 7, 2006
- Author:
CopyrightCopyright 2006 Deseret News (Salt Lake City). Provided by ProQuest LLC. (Hide copyright information)
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WASHINGTON -- Fannie Mae erased $6.3 billion in profit in a long-
awaited restatement Wednesday, capping the accounting scandal that
stunned financial markets and brought the ouster of top executives
and a record fine against the government-sponsored mortgage leader.
The correction of its earnings from 2001 through June 30, 2004,
ordered by the Securities and Exchange Commission two years ago, was
well below Fannie Mae's earlier estimate of $10.8 billion. The
reworking of its accounting is costing the company some $1 billion
this year to conduct. It is the first earnings statement filed by
Fannie Mae, which finances one of every five home loans in the