Fannie, Freddie Feel the Heat
This week, similar accounting tricks came to light at Fannie as OFEHO released the findings of an eight-month investigation into the bookkeeping at the nation's biggest mortgage buyer. The regulator alleges that Fannie engaged in the same kind of abusive earnings management as Freddie. The report sparked a fierce selloff in shares at both companies, emboldening their many critics and leading observers to predict a top-level management shake-up at Fannie.
On Friday, the selling in shares of both companies continued. In morning trading, Fannie was down $2.10, or 3%, to $65, while Freddie dropped 33 cents to $64.| Cliff Walk? Rocky times for Fannie, Freddie |
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