(To read more on the debt and equity markets and themultifamily market, click here.)
WASHINGTON, DC-Yesterday marked the high water mark in theongoing $11-billion accounting scandal at Fannie Mae. At the startof the day, Fannie Mae's board of directors released the findingsfrom Paul, Weiss' investigation on its accounting, governance,structure and internal controls. That afternoon itannounced it would pay a $400-million fine for accountingviolations, many of which were highlighted in the report.
The settlement was announced jointly by the Securities andExchange Commission and the Office of Federal Housing EnterpriseOversight 2004. "The penalty and settlements represent a major stepin correcting a dangerous course that had been followed by one ofthe largest financial institutions in the world," said acting OFHEOdirector James Lockhart. "Unprincipled corporate behavior andinadequate controls will simply not be tolerated."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
