Fannie Mae operates in the residential mortgage finance industry. It facilitates the flow of mortgage capital to increase the availability of homeownership for low-, moderate-, and middle-income Americans. The company was established in 1938.
Fannie Mae
3900 Wisconsin Avenue NW
Washington, DC 20016
Phone: 202-752-7000
Fax: 202-752-4447
The two most senior executives at US mortgage giant Fannie Mae have resigned after accounting irregularities were uncovered at the company.
Chief executive Franklin Raines, a former senior official in the Clinton administration, and chief financial officer Tim Howard have left the firm.
Fannie Mae was criticised by financial regulators and could have to restate its earnings by up to $9bn (£4
US mortgage company Fannie Mae should restate its earnings, the US finance watchdog has said, a move that could put a major dent in its finances
The Securities & Exchange Commission accused Fannie Mae of using techniques that “did not comply in material respects” with accounting standards. Last month Fannie Mae warned that the problems could cost it $9bn (£4.6bn)
Shares of Fannie Mae fell again on Friday, capping a three-day slide of more than 13 percent, as investor concerns widened after a government regulator accused top executives of the mortgage giant of mismanagement and serious accounting misdeeds.
Regulators at the Office of Federal Housing Enterprise Oversight who investigated Fannie Mae’s books said the problems they found, at least in a key area of accounting, were more serious, far more complex and wider in scope than previously thought.
The fallout could eventually reach millions of Americans if they have to pay higher rates for new mortgages for home purchases or refinancings, analysts say
NEW YORK (Reuters) – Franklin Raines, chief executive officer of Fannie Mae, the nation’s largest home mortgage finance company, said it does not face the same accounting questions as its smaller rival sister Freddie Mac.
On June 9, Freddie Mac replaced its top three executives over an accounting probe about how the No. 2 U