Industry News

House panel plans hearing on Fannie Mae report

Letter released Thursday tells of plan

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A U.S. House panel will hold an oversight hearing on a report due on mortgage finance giant Fannie Mae's multibillion-dollar accounting problems, according to a letter released by the House Committee on Financial Services late Thursday. Separately, U.S. securities regulators approved a New York Stock Exchange proposal that could help Fannie Mae by allowing the Big Board to keep a company's stock listed under certain circumstances even absent timely financial results, Reuters reported. Fannie has not filed financial results for 2004 and 2005 as investigations into massive accounting errors continue. Problems identified so far are expected to result in a profit restatement of as much as $11 billion. The first of two accounting probe reports is expected this month or early February from the investigator hired by Fannie Mae, former New Hampshire Sen. Warren Rudman. Ohio Republican Rep. Michael Oxley, chairman of the House Financial Services Committee, and the top Democrat on that panel...