{
  "id": "RS21949",
  "type": "CRS Report",
  "typeId": "REPORT",
  "number": "RS21949",
  "active": false,
  "source": "University of North Texas Libraries Government Documents Department",
  "versions": [
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc816186/",
      "id": "RS21949_2006Dec07",
      "date": "2006-12-07",
      "retrieved": "2016-03-19T13:57:26",
      "title": "Accounting Problems at Fannie Mae",
      "summary": null,
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
      "formats": [
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          "format": "HTML",
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      "topics": []
    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metacrs8305/",
      "id": "RS21949 2005-11-15",
      "date": "2005-11-15",
      "retrieved": "2006-02-28T08:19:28",
      "title": "Accounting Problems at Fannie Mae",
      "summary": "On September 22, 2004, the Office of Federal Housing Enterprise Supervision (OFHEO) made public a report that was highly critical of accounting methods at Fannie Mae, the government-sponsored enterprise that plays a leading role in the secondary mortgage market. OFHEO charged Fannie Mae with not following generally accepted accounting practices in two critical areas: (1) amortization of discounts, premiums, and fees involved in the purchase of home mortgages and (2) accounting for financial derivatives contracts. According to OFHEO, these deviations from standard accounting rules allowed Fannie Mae to reduce volatility in reported earnings, present investors with an artificial picture of steadily growing profits, and, in at least one case, to meet financial performance targets that triggered the payment of bonuses to company executives. On November 15, 2004, Fannie Mae reported that it was unable to file a\r\nthird-quarter earnings statement because its auditor, KPMG, refused to sign off on the accounting results. On December 15, 2004, the Securities and Exchange Commission (SEC), after finding inadequacies in Fannie\u2019s accounting policies and methodologies,\r\ndirected Fannie Mae to restate its accounting results since 2001. Shortly thereafter, the company\u2019s CEO and CFO resigned. It is estimated that earnings since 2001 will be revised downwards by as much as $12 billion, but the formal restatement of earnings is not expected before late 2006.",
      "type": "CRS Report",
      "typeId": "REPORT",
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          "filename": "files/20051115_RS21949_dbab6618723a3dc6d39bcfe604e95161eea87e72.html"
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      ],
      "topics": [
        {
          "source": "LIV",
          "id": "Finance",
          "name": "Finance"
        },
        {
          "source": "LIV",
          "id": "Accounting",
          "name": "Accounting"
        },
        {
          "source": "LIV",
          "id": "Fannie Mae - Financial statements",
          "name": "Fannie Mae - Financial statements"
        },
        {
          "source": "LIV",
          "id": "Executive departments",
          "name": "Executive departments"
        },
        {
          "source": "LIV",
          "id": "Business",
          "name": "Business"
        }
      ]
    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc806929/",
      "id": "RS21949_2004Dec16",
      "date": "2004-12-16",
      "retrieved": "2016-03-19T13:57:26",
      "title": "Accounting Problems at Fannie Mae",
      "summary": null,
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
      "formats": [
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          "format": "PDF",
          "filename": "files/20041216_RS21949_5a7c138f3cdf7a824a0bf645e0513fb89de9b619.pdf"
        },
        {
          "format": "HTML",
          "filename": "files/20041216_RS21949_5a7c138f3cdf7a824a0bf645e0513fb89de9b619.html"
        }
      ],
      "topics": []
    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc814199/",
      "id": "RS21949_2004Nov16",
      "date": "2004-11-16",
      "retrieved": "2016-03-19T13:57:26",
      "title": "Accounting Problems at Fannie Mae",
      "summary": null,
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
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          "format": "HTML",
          "filename": "files/20041116_RS21949_34aa6af3ba17e465dcf73b522e946cff34669df5.html"
        }
      ],
      "topics": []
    }
  ],
  "topics": [
    "Economic Policy"
  ]
}