Fannie Mae last Friday reported success with its financial diet, having shrunk its mortgage portfolio by an annualized 2.8 percent in November, the mortgage giant's 13th consecutive monthly decline. Fannie Mae's retained mortgage holdings totaled $715.5 billion at the end of November, down from $717.3 billion at the end of October, the government-sponsored enterprise said in its monthly summary report. Year-to-date, the Washington-based company's portfolio has shrunk at an annualized 22.6 percent pace as it took action to meet a Sept. 30 core capital requirement imposed by its regulator, the Office of Federal Housing Enterprise Oversight. In 2003, OFHEO discovered accounting irregularities by Fannie Mae, setting off shareholder lawsuits and investigations by the Justice Department and the Securities and Exchange Commission. As a result, the company will have to restate earnings by as much as $12 billion. The capital requirement was part of the fallout from the discovery. The massive ...
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