Home mortgage loan giant Fannie Mae announced that it expects the tab on a review of its accounting, as well as the preparation of up-to-date financial statements for the first time since the end of 2004, to run upwards of $1 billion this year.
The company is in the midst of recovering from an accounting scandal that resulted in it paying a $400-million civil fine in a settlement with federal regulators in May. In 2003, Sister agency Freddie Mac paid $125 million to settle charges that it misstated its own earnings by nearly $5 billion.
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