A week after the release of a scathing report by its federal regulator, mortgage giant Fannie Mae 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, and a preliminary criminal investigation by the Department of Justice.

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