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.