Fannie Mae (FNM Quote) filed its long-awaited Form 10-K for 2004 and completed its restatement, saying $6.3 billion in past retained earnings will be wiped out.
The Congressionally chartered mortgage company said losses through Dec. 31, 2004, associated with its accounting for derivatives totaled $7.9 billion. However, that was nearly $3 billion less than it had previously estimated.
Stockholders' equity increased by $4.1 billion through June 30, 2004, despite the decline in retained earnings.
The accounting fiasco led Fannie Mae to part ways with CEO Franklin Raines late in 2004. Earlier this year, a probe led by former Sen. Warren Rudman determined that Raines wasn't aware Fannie Mae's accounting didn't agree with generally accepted principles. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,344.84 | 1,095.63 | 2,144.60 | 32.01 |
Oil *
78.55
|
|
UP
34.92
|
UP
4.14
|
UP
6.16
|
DOWN
0.30
|
10 Yr
3.20%
SPDR Gold
115.65
|
|
+0.34%
|
+0.38%
|
+0.29%
|
-0.93%
|
Data delayed 20 minutes |
Connect with TheStreet