Less than a month after releasing a tell-all report, home mortgage giant Fannie Mae said it has found additional accounting problems that will be added onto what is likely to be an $11 billion profit restatement.
In another embarrassing disclosure, company president and chief executive Daniel Mudd said Fannie Mae found errors related to investment securities, loans and mortgage-backed securities trusts. There was no dollar estimation on how the mistakes could affect the expected restatement of earnings from January 2001 through the second quarter of 2004.
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