Industry News

Fannie Mae says stock will still be listed

SEC granted real estate loan giant's request

Fannie Mae has gotten a letter from the New York Stock Exchange granting its request for continued listing of its stock, the mortgage giant said Friday. Continued listing is subject to quarterly reviews by the NYSE and ongoing monitoring of the company's progress toward restating its financial statements and filing its periodic reports with the SEC, Fannie Mae said. The government-sponsored enterprise has not filed financial results for 2004 and 2005 as investigations into massive accounting errors continue. Problems identified so far are expected to result in a profit restatement of as much as $11 billion. The first of two accounting probe reports is expected this month or early February from the investigator hired by Fannie Mae, former New Hampshire Sen. Warren Rudman. Because of the investigations and lack of financial reports, Fannie had warned the continued listing of its stock on the New York Stock Exchange was at risk. But the Securities and Exchange Commission, in a recently...

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