Fannie Mae IDs New Accounting Problems

Fannie Mae’s federal regulator has identified numerous new problems with the company’s accounting practices, including deficiencies in recording some securities and loan transactions, Fannie said Wednesday.

Fannie also said the Office of Federal Housing Enterprise Oversight approved and extended its plan to restore inadequate capital reserves and raise an additional 30 percent surcharge imposed until Fannie’s books are in order. Fannie now has until Sept. 30 to raise its capital levels, instead of June.