twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

Mortgage Fraud News | Fraud Statistics | Fraud Index | Fraud Blog
Mortgage broker, originator and banker criminal cases. Real estate flipping and appraisal fraud. Mortgage fraud prevention, studies and analysis.

Employees Falsified Accounting Signatures at Fannie

Wall Street Journal reports OFHEO official comments

March 18, 2005

By staff

Fannie Mae's regulator disclosed that employees of the government sponsored enterprise falsified signatures on accounting ledgers and made improper changes to earnings-related database records, the Wall Street Journal reported.

Instances of these actions were found by Investigators of the Office of Federal Housing Enterprise Oversight, an official of the regulator reportedly told the Journal.

The investigators are seeking additional documents from Fannie to determine whether the employees intended to manipulate financial statements, the official reportedly said.

A Fannie spokesman declined to comment on the official's statements.

OFHEOs disclosure of the findings follows an agreement last week with the government sponsored housing enterprise's board of directors. Among the requirements of the pact was that Fannie would prohibit the falsification of signatures on accounting ledger journal entries, adopt internal controls that would limit the ability of personnel to overwrite database records, and provide proper documentation, according to a March 8 announcement. At that time, the two parties would not say whether the agreement was a response to specific incidents, the Journal said.

The regulator's director met with Fannie's chairman Wednesday to discuss the regulator's efforts to obtain certain documents related to the year-old investigation OFHEO has carried out on the company's accounting and corporate governance. While Fannie's board has generally been "very responsive" to OFHEO requests, it has withheld portions of many requested documents citing legal concerns as the reason, the official reportedly told the Journal.

OFHEO began its investigation on Fannie after the GSE restated $1.1 billion of its stockholder equity in November 2003 for miscalculating mortgage commitments. A series of events have unfolded since then, including OFHEO classifying the Washington, D.C.-based company as "significantly undercapitalized," and the resignations of former chairman and chief executive Franklin D. Raines and former chief financial officer J. Timothy Howard.

Fannie announced yesterday that it filed a Form 12b-25 with the SEC indicating "it will not timely file its Annual Report on Form 10-K for the year ended December 31, 2004." The company indicated in the filing an additional $2.4 billion in earnings adjustments may be required.


Fannie Ads Slashed, More Accounting Woes
Fannie Mae's regulator has found more accounting practices that are not consistent with generally accepted accounting principles. And an approved recapitalization plan slashes spending on advertising and lobbying.
read story at

Big Shake Up at Fannie
Caught up in a whirlwind of controversy, two of Fannie Mae's top executives have exited, and regulators now say the mortgage giant is significantly undercapitalized.
click here to read article

Fannie Discloses Criminal Inquiry
Fannie Mae has reported in an SEC filing that it is under a criminal investigation and that it is the defendant in a plethora of shareholder lawsuits.
click here to read article

GSE News | Fannie/Freddie Share Statistics
Fannie, Freddie and FHLB news. Coverage of government sponsored enterprise regulation, operations and litigation.

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

Logout forgot

Mortgage Fraud Statistics
Government and private data on volume of mortgage fraud activity.

Mortgage Fraud Index
Dollar and index amount by quarter and state.

Mortgage Fraud Litigation
Lawsuits and settlements invoving mortgage fraud by a lender insider. From 2007 through first-quarter 2013

Mortgage Fraud News
News stories about fraud committed against home lenders.

Mortgage Fraud Blog
Actions in mortgage fraud criminal and civil cases.

local mortgage fraud

mortgage fraud links

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders