TITLE

Freddie May Not Make Deadline for Restatement

AUTHOR(S)
Blackwell, Rob
PUB. DATE
September 2003
SOURCE
American Banker;9/25/2003, Vol. 168 Issue 185, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The U.S. Federal Home Loan Mortgage Corp. is supposed to restate three years of earnings by September 30, 2003 but knowledgeable sources said on Wednesday that the beleaguered government sponsored enterprise may not make the self-imposed deadline. Knowledgeable sources said on Wednesday that the beleaguered government-sponsored enterprise may not make the self-imposed deadline. Separately on Wednesday, the Office of Federal Housing Enterprise Oversight announced that the results of its investigation into the Federal Home Loan Mortgage Corp.'s accounting problems will be delayed until mid-October. They attributed the potential delay to two factors both of which may be resolved quickly. First, Federal Home Loan Mortgage Corp. is expecting feedback today from the Securities and Exchange Commission on a specific accounting treatment. Among other things, FAS 140 identified qualifying special-purpose entities, and laid the ground rules for transferring asset securitizations off the balance sheet.
ACCESSION #
10906210

 

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