Fannie Mae today revealed new financial accounting errors, along with the news that it has hired MCI's chief financial executive as its chief financial officer and made other staff changes. In a filing with the Securities and Exchange Commission today, the mortgage giant confirmed that it will have to restate earnings by about $11 billion. Fannie Mae also said its board has appointed Robert T. Blakely as CFO and Mike Williams as chief operating officer, along with other reshufflings. The government-sponsored enterprise disclosed mistakes in accounting for tax credits and insurance in the filing. Fannie Mae also said filings with the Securities and Exchange Commission will be delayed for a fifth quarter to correct financial reports dating back to 2001. In December 2004, Fannie Mae replaced Franklin Raines, its chairman and CEO, who announced he was taking early retirement, and Fannie Mae's chief financial officer, Timothy Howard, resigned Dec. 21. Fannie Mae's financial accounti...
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