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by CareyBot

Freddie Mac today said it would delay the release of its quarterly and full-year 2005 financial results by two months to implement an accounting change, but said the change would not affect prior results. Freddie Mac said it would report quarterly and full-year 2005 results in May. The government-sponsored enterprise had previously planned to report those results by the end of March. The second-largest U.S. mortgage funding company's earnings have not been current since a 2003 accounting scandal resulting in a $5 billion earnings restatement and management overhaul. Both Freddie Mac and its fellow government-sponsored enterprise, Fannie Mae, have been rocked by accounting scandals. In December 2004, Fannie Mae replaced Franklin Raines, its chairman and CEO, who announced he was taking ea...