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Fannie Mae case

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Title: Fannie Mae case
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Subject: Business
Date: September 25, 2007
Length: 5 / 1321
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The OFHEO findings also say that Fannie Mae might have to restate its earnings for several years, in part because it used accounting methods that didn't comply with GAAP. The effects on Fannie Mae, a highly politically connected company, could be enormous...
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The company holds over $1 trillion in assets, and purchases more mortgage loans than any other lender in the U.S. When the accounting errors first emerged Fannie Mae estimated that there would be an adjustment of about $9 billion in its reported earnings over the contested period...
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