The Securities and Exchange Commission stepped up to a formal probe its previous informal inquiry into accounting issues at mortgage giant Fannie Mae this week, the company disclosed in an SEC filing.
Fannie Mae had revealed the SEC's informal inquiry in September, when it disclosed that a report on its accounting policies and practices uncovered serious issues that raised doubts about the validity of its previous financial results. The issues raised in that report by Fannie Mae's regulator, the Office of Federal Housing Enterprise Oversight, are the subject of the SEC probe.
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