Fannie Mae files annual report -- for 2005 

As it catches up in its financial reporting, Fannie Mae said today that 2005 profits totaled $6.3 billion -- up 26 percent from 2004 -- but warned net income for 2006 will be lower because of higher borrowing costs and reductions in interest income.

Fannie Mae, which filed its annual report for 2004 in December, fell behind in financial reporting after management and accounting scandals forced the company to restate results for 2002, 2003 and part of 2004.

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