(To read more on the debt and equity markets, click hereand to readmore on the multifamily market, click here.)
WASHINGTON, DC-Fannie Mae's board of directors has released itslong awaited Paul, Weiss investigation on the firm's accounting,governance, structure and internal controls. The board had askedformer US Sen. Warren Rudman and the law firm of Paul, Weiss,Rifkind, Wharton & Garrison LLP to do this review after aspecial examination by the Office of Federal Housing EnterpriseOversight in September 2004 raised these issues. In the combinedagreements with OFHEO and the SEC, the company has agreed to pay a$400-million civil penalty.
"This important step today builds on some of the changes andprogress we have made over the past 18 months to rebuild thecompany and restore the confidence of our shareholders andstakeholders," says Stephen B. Ashley, chairman of the board. "Thecompany has undertaken a number of remedial steps. Over the courseof the past two years, the board has made a number of changes inits structure and membership, and its relationship to thecompany."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
