Fannie Mae (FNM Quote), the federally chartered mortgage lender, has uncovered new accounting problems and is asking regulators for additional time to file its annual report for 2005. Fannie Mae, already dealing with a multibillion-dollar reworking of its past financial results, didn't provide an estimate for the newest accounting issue.
The latest errors are associated with accounting for certain investment securities at the incorrect cost basis, accounting for guaranty fees and obligations, loan-related accounting matters and other issues. Fannie Mae said it has "made substantial progress" in completing its accounting review and added that it believes it continues to meet its regulatory capital requirements. Shares of Fannie Mae were down 82 cents, or 1.5%, to $53.11.
North Fork Bancorp (NFB Quote) rose after credit-card issuer Capital One (COF Quote) agreed to buy the bank holding company for $14.6 billion. ...
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