Freddie May Not Make Deadline for Restatement

Blackwell, Rob
September 2003
American Banker;9/25/2003, Vol. 168 Issue 185, p1
Trade Publication
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.


Related Articles

  • Freddie Spent Almost $6 Mil on Lobbying.  // National Mortgage News;1/19/2004, Vol. 28 Issue 17, p2 

    Reports on the lobbying expenditures of the Federal Home Loan Mortgage Corp. in the U.S. Involvement of the government-sponsored enterprise in accounting scandal; Number of registered firms and individuals for the Federal Home Loan Mortgage Corp.

  • Skeletons Rattling in Freddie Mac's Closet? Dettmer, Jamie // Insight on the News;7/8/2003, Vol. 19 Issue 15, p55 

    Focuses on the accounting scandal faced by the U.S. government-sponsored enterprise Federal Home Mortgage Corp. (Freddie Mac) in 2003. Reactoin of financial market executives to the scandal; Root of the scandal; Speculation on the action taken by Freddie Mac.

  • FASB Rule Complicates GSEs' Future. Sloan, Steven // American Banker;1/25/2010, Vol. 175 Issue 12, p1 

    This article reports that the U.S. government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac have been impacted by a ruling of the Financial Accounting Standards Board (FASB) that securitizations must be visible on corporate balance sheets. To comply with the ruling, Fannie Mae will...

  • Syron: Oversight Issue Is Distracting.  // American Banker;9/11/2006, Vol. 171 Issue 174, p21 

    The article reports on the uncertainty of Congressional oversight for government-sponsored enterprises as stated by Richard Syron, Freddie Mac's chairman and chief executive. Freddie Mac is emerging from a $5 billion accounting scandal. Due to its financial problems, Freddie Mac has not filed...

  • Freddie Net Off 72%; Registration in 2Q. Quinn, Matthew // American Banker;9/1/2005, Vol. 170 Issue 169, p2 

    Reports the second-quarter financial performance of Freddie Mac. Estimated growth of the government-sponsored enterprise's regulatory core capital; Factors contributing to a 72% drop in profit and 46% drop in net interest income; Data showing Freddie's first-quarter financial performance.

  • Freddie Sees $600M Net, Hikes Payout. Shenn, Jody // American Banker;12/2/2005, Vol. 170 Issue 230, p20 

    This article reports on Freddie Mac tentatively reporting about $600 million in net income for the third quarter of 2005, against a $1.6 billion loss a year earlier, and raising its common stock dividend 34% to 47 cents. The government-sponsored enterprise warned that the earnings figure could...

  • How Fannie Mae Avoided Freddie Mac's 3Q Fumble. Sinnock, Bonnie // National Mortgage News;11/30/2015, Vol. 40 Issue 7, p1 

    The article reports that financial firm Fannie Mae's bulk and balance sheet has provided chance to two government-sponsored enterprises to post a profit for the third quarter. Topics discussed include Fannie Mae that was affected by the derivatives accounting mismatch resulting in finance firm...

  • Freddie Mac sets 2006 goals.  // Mortgage Banking;Mar2006, Vol. 66 Issue 6, p10 

    The article reports on the plans of Federal Home Loan Mortgage Corporation (Freddie Mac) for 2006 in the U.S. Among the goals of the company are stronger risk management, registering its stock with the Securities and Exchange Commission, growing market share and working with Congress on...

  • Freddie: Accounting Move Slashed Loss. Terris, Harry // American Banker;3/3/2008, Vol. 173 Issue 42, p13 

    A news brief is presented, reporting on accounting changes at U.S. government-sponsored enterprise Freddie Mac that reduced the amount of its losses for the fourth quarter of fiscal 2007. The change put Freddie Mac's accounting metrics under generally accepted accounting principles more in line...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics