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by CareyBot

Fannie Mae has already disclosed the accounting problems that caused its nearly $11 billion accounting scandal, none of its current management knowingly participated in improper behavior, and necessary improvements have been made or are underway, a long-awaited report on the mortgage giant revealed today. The 2,652-page report from former New Hampshire Republican Sen. Warren Rudman concluded that Timothy Howard, Fannie's former chief financial officer, and Leanne Spencer, the company's former controller, were responsible for the accounting practices that departed from generally accepted accounting principles (GAAP). As for the mortgage giant's former chief executive officer, Franklin Raines, the report said, "We did not find that he knew that the company's accounting practices departed f...