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Reply #12: It seems Fannie Mae has had some problems, too. [View All]

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Canuckistanian Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-18-06 06:47 PM
Response to Reply #11
12. It seems Fannie Mae has had some problems, too.
Accounting scandal
In late 2004, Fannie Mae was under investigation for its accounting practices. The Office of Federal Housing Enterprise Oversight released this September 17, 2004 report alleging widespread accounting errors, including shifting of losses so senior executives could earn bonuses from making earnings targets. The difficulty centered around how to account for various interest rate hedges Fannie Mae buys as part of its risk management strategy. When Fannie Mae did not release its third quarter results for 2004, doubts increased.

And some improper funding as well:

Fannie Mae received a 71% rating in the 2004 Corporate Equality Index by the Human Rights Campaign. Additionally, the company gave a $50,000 grant to the anti-LGBT organization Traditional Values Coalition in 2001 to "to train church leaders to provide homeownership education in the Greater Los Angeles area."

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