The regulator charged with overseeing mortgage concern Fannie Mae appears to be considering a shake-up of its top management to clean up the beleaguered firm.

Following a scathing report on Fannie Mae's accounting policies, internal controls and financial reporting processes, the head of the Office of Federal Housing Enterprise Oversight, Armando Falcon Jr., said in a letter to Fannie Mae's board that, "The findings raise such serious safety and soundness concerns that immediate action is warranted, rather than waiting until the completion of the full special examination."

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