An exhaustive internal report on the accounting woes of mortgage finance giant Fannie Mae says that the company's former chief financial officer, J. Timothy Howard, was "primarily responsible" for deviating from GAAP.

The accounting irregularities lead a $10.8 billion restatement and also misled Fannie Mae's board of directors, which commissioned the report. Former New Hampshire Senator Warren Rudman, who authored the 2,600-plus page report, did say that "ultimate responsibility" for the mistakes laid with f ormer chief executive Franklin Raines.

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