An official of the Securities and Exchange Commission said Wednesday a review had found that Fannie Mae had violated accounting rules and that he had told the mortgage giant to restate its earnings.
SEC Chief Accountant Donald Nicolaisen, in a statement, said the government-sponsored company’s accounting for 2001 through mid-2004 “did not comply in material respects” with accounting rules for derivatives, financial instruments used to hedge against interest-rate swings, and for some transactions related to loans.
For this complete story, please visit SEC: Fannie Mae Violated Accounting Rules; Orders Restatement.
