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Article: Fannie Mae Erases $6.3 Billion in Profit
- Article from:
- AP Online
- Article date:
- December 7, 2006
CopyrightCopyright 2006 Associated Press/AP Online. This material is published under license from the publisher through YellowBrix, Alexandria, Virginia. All inquiries regarding rights should be directed to YellowBrix. (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 United States, since late 2004.
The ...