Fannie Mae

said Wednesday it won't file its first-quarter report with regulators on time.

The company said the filing will be delayed as the Washington-based mortgage giant continues with a sweeping restatement of previous financials. Regulators forced Fannie to change its derivatives accounting last year in a move that forced the company's previous management, led by CEO Franklin Raines, to step down. The company has indicated its restatements could mount well into the billions of dollars.

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Fannie said it will miss the May 10 regular deadline as well as the May 15 standard extended deadline as its accounting work continues.

Fannie rose $1.01 Wednesday to $55.67.