A week after the release of a scathing report by its federal regulator, mortgage giant Fannie Mae has agreed to major changes in its accounting, internal controls and management practices.

The agreement between Fannie Mae and its overseer, the Office of Federal Housing Enterprise Oversight, comes on the heels a highly critical OFHEO report that cited accounting irregularities and earnings management by the company. Fannie Mae, which is publicly traded, is also the subject of an informal investigation by the Securities and Exchange Commission.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access