Referring to the correspondence with Fannie Mae in this instance, McKenna says, "the SEC is asking questions, which is good, but are they really pushing back?"
An SEC spokeswoman declined to comment on the Fannie Mae adjustments as did a spokeswoman for the Federal Housing Finance Authority, Fannie Mae's chief regulator.
Fannie Mae reported a first quarter 2014 profit of $5.3 billion Thursday morning. On a conference call with the media following the earnings announcement, TheStreet reiterated its questions to CEO Tim Mayopoulos and CFO David Benson.
Benson essentially repeated the statement given to TheStreet by the spokesman.
"Both we and our auditors our independent auditors are comfortable with our financial statements and feel that they are perfectly reliable," Benson said.
Even after Benson's predecessor had told the SEC the same thing on Dec. 13, 2012 only to disclose another $1 billion of new adjustments?
"I don't think we have anything further to say on the matter. You've asked the questions and I think we've answered them," Benson concluded.
Fannie Mae Soft Pedals $4 Billion Mistakes
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts