Mortgage agencies showdown

Regulation

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Though it has apparently now avoided having to restate its results and the concomitant embarrassment of top executives being required to return performance-related pay, the vultures are still hovering over US mortgage agency Fannie Mae.

Last month, Fannie’s regulator – the Office of Federal Housing Enterprise Oversight (Ofheo) – chastised it for improper accounting of its aircraft lease and manufactured housing-related assets. Beyond this specific failure to reflect losses, Ofheo hired Deloitte