Fannie Mae won't face criminal charges over its multibillion-dollar accounting irregularities, the U.S. Attorney's Office said Thursday after two years of investigation. In May, the company agreed to settlements with the SEC and the Office of Federal Housing Enterprise Oversight over accounting problems and what regulators said was earnings manipulation by the company. Earlier this month, Fannie Mae said it hoped to complete a multibillion-dollar restatement of its 2004 earnings by the end of this year.
August 25, 2006 at 12:00 AM
1 minute read
Fannie Mae, the government-sponsored mortgage-lending giant, won’t face criminal charges over its multibillion-dollar accounting irregularities, the U.S. Attorney’s Office said Thursday after two years of investigation.
“We have informed them that we are declining all charges against the company,” said Channing Phillips, spokesman for U.S. Attorney Kenneth Wainstein.
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