Fannie under fire from Ofheo

On October 6, in a statement before the subcommittee on capital markets, insurance and government-sponsored enterprises, Armando Falcon, director of Ofheo, said the September Ofheo report documented Fannie’s “pervasive and [willing] misapplication of Generally Accepted Accounting Principles as well as critical operational deficiencies”. In particular, under question are the validity of Fannie Mae’s previously reported financial results, the adequacy of its regulatory capital, the quality of

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