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* Sunriser Apartments, Sunrise, FL -- This 77-unit multifamily property received $3,850,000 funded under the Fannie Mae DUS Loan product line.
The inspector general does not say how much Fannie Mae might have overpaid, only that the agency should not be paying more than what the contract dictates.
Fearing that losses would harm Fannie Mae s ability to support housing, the government placed the company into conservatorship in September 2008 and recently pledged unlimited financial backing.
What is it exactly that Fannie Mae and Freddie Mac do?
The Treasury will lend money to Fannie Mae and Freddie Mac - and will buy their stock if necessary; the Federal Reserve also made its lending services available.
Even so, it will take a lot more than presidential friendship to end Fannie Mae's and Freddie Mac's dependence on their federal charters.
CONTACT: Fannie Mae, (800) 7FANNIE (732-6643), www.efannie mae.com.
"They should have been very, very conservative in how they state everything and not try to be on the cutting edge of these accounting rules, given that Fannie Mae's opponents were scrutinizing what they were doing."
The report finds that Fannie Mae's dodgy practices began about six years ago.
The report focuses specifically on four broad areas: a) Fannie Mae's treatment of deferred price adjustments and attempts to smooth earnings; b) its accounting treatment of derivative instruments and hedging transactions; c) the way in which it develops its accounting policies; and d) its internal controls over accounting policies and issues.
OIRA wants OFHEO to require Freddie Mac and Fannie Mae to comply with the public disclosure policy that the Securities and Exchange Commission requires of publicly traded firms, including "any additional disclosures SEC requires in the future." Currently, Freddie and Fannie may voluntarily comply with the policy, but they can abandon such compliance if they choose to do so.
WHEN A RECENT WALL STREET Journal editorial titled "Fannie Mae Enron" suggested that Fannie Mae puts taxpayer money at risk, mortgage industry lobbying group FM Watch couldn't have agreed more.