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Article: Freddie Mac made billions more
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- November 22, 2003
- Author:
CopyrightCopyright 2003 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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Freddie Mac made billions more, it says
Home mortgage buyer ends 11-month review
By JONATHAN D. GLATER New York Times
Saturday, November 22, 2003
Freddie Mac said on Friday that it had understated its earnings by
nearly $5 billion over more than three years, ending an 11-month
review of the company's accounting that led to resignations by
prominent executives and concerns by regulators and lawmakers.
The size of the restatement announced by the company, which is the
nation's second-largest buyer of home mortgages after its corporate
sibling, Fannie Mae, is at the high end of the range it announced in
June.
Executives at Freddie Mac warned of increased volatility in
reported earnings in the ...