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SEC: Fannie Broke 'Clear' Accounting Rules WASHINGTON, Feb. 11, 2005 (United Press International) The Securities and Exchange Commission's top accountant says Fannie Mae, the U.S. chartered housing finance company, broke clear accounting rules. Donald T. Nicolaisen, who in December directed Fannie Mae to correct its financial statements back to 2001, told a House subcommittee Wednesday the company broke rules that were "not overly complex," the Washington Post reported Thursday. "I have reason to believe that the standards are workable and are being followed" by other companies, said Nicolaisen, who in December told Fannie Mae to correct its financial statements back through 2001. The company has said recalculations could erase some $9 billion in previously reported profit. |
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