Industry News

Fannie Mae delays SEC filing

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Mortgage giant Fannie Mae on Monday notified the Securities and Exchange Commission it would be unable to file its quarterly report on time for the third quarter of 2004. The troubled corporation also said that it would report a $9 billion loss if the SEC determined that certain accounting practices were improper. The quarterly report, known as Form 10Q, was due yesterday and Fannie Mae wrote in its notification that it could not file it by that due date or within the five-day extension permitted by the SEC's rules. The inability to file the report comes as a result of ongoing investigations into the company's accounting practices. "Fannie Mae is not able to file a timely Form 10-Q that complies with the SEC's rules because it has been advised by its independent auditor that it is unable to complete its review of Fannie Mae's interim unaudited financial statements for the quarter ended Sept. 30, 2004," according to the company's notification of its inability to file on time (Form 12b...