Wednesday, May 24, 2006

Update 10: Report: Fannie Mae Manipulated Accounting -

Update 10: Report: Fannie Mae Manipulated Accounting - --Good News? Chilling, anyway.

"Federal regulators issued a blistering report about mortgage giant Fannie Mae on Tuesday, alleging accounting manipulation aimed at lining executives' pockets and lying to investors about smooth growth in profits and earnings. The government-sponsored mortgage company was fined $400 million and agreed to limit its growth. "

1 comment:

  1. And the banks in Ohio say they should be excluded from recent predatory lending legislation because they are federally regulated. Do we really want to allow regulation of loan practices to be enforced by agencies that don't enforce rules on their own agencies? We should be making these decisions not well-paid lobbyists hired by the very institutions to be regulated.