The government agency that regulates Fannie Mae’s operation and accounting is the Office of Federal Housing Enterprise Oversight (OFHEO). One of the issues is derivative losses, which both OFHEO and Deloitte believed should have been recorded on the income statement instead of the balance sheet... Showed first 250 characters
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The OFHEO also stated that Fannie Mae recognized $200 million in expenses when they should have recognized $400 million. Overall Fannie Mae misstated the financials by $10.6 billion from 1998 through 2004. There were four main accounting manipulations used in the Fannie Mae fraud... Showed next 250 characters
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