Fannie Mae, the mortgage finance giant trying to fix its accounting after overstating profit by $6.3 billion, plans to release its 2006 annual report next quarter and update its financial statements completely by February, The Washington Post reported.
The timetable shows "momentum in our efforts to catch up and become a current filer," chief executive Daniel H. Mudd said in a statement Saturday. The District company plans to hold its annual shareholder meeting Dec. 14, its first since May 2004, the paper reported.
Fannie Mae, which is regulated by the Office of Federal Housing Enterprise Oversight, hasn't filed timely financial results since July 2004. Getting back on schedule would cap a three-year effort by the government-chartered company to correct its accounting, controls and governance, the paper reported.
Freddie Mac, Fannie Mae's main rival, has yet to resolve all of its bookkeeping problems that led to a nearly $5 billion profit understatement from 2000 to 2002. Freddie Mac said at its annual shareholders meeting Friday that it plans to release first-quarter 2007 financial results Thursday, the paper reported.- New York State Society of Certified Public Accountants
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