Ofheo slams Fannie Mae

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The Office of Federal Housing Enterprise Oversight (Ofheo) has lambasted the Federal National Mortgage Association's (Fannie Mae) risk management and accounting practices. In its examination report, released on May 23, the regulator said Fannie Mae executives deliberately and intentionally manipulated accounting records from 1998 to mid-2004 in order to improve their bonuses. This will result in an estimated $10.8 billion accounting restatement, the association revealed in a March 13 filing

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