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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.

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.