Fannie Mae Agrees to Governance, Accounting Reforms

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00011341-fannie-mae-agrees-to-governance-accountin/

Housing finance giant Fannie Mae agreed with its federal regulator to implement more reforms designed to shore up the troubled firm’s corporate governance.

Under an agreement with the Office of Federal Housing Enterprise Oversight, Fannie Mae will beef up rules for accounting ledger entries, put in place a plan to stamp out problems with portfolio accounting and separate its chairman of the board and chief executive roles, as well as take other steps.

The lender also agreed to implement controls to prevent falsification of signatures and overwriting of database records by personnel.

The office, a division of the U.S. Housing and Urban Development Department, is investigating massive losses at Fannie Mae, which ousted its top executives in December over an accounting scandal.

For this complete story, please visit Fannie Mae Agrees to Governance, Accounting Reforms.

Fannie Mae Agrees to Governance, Accounting Reforms

Unknown Author

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