Two Fannie Mae executives resign
Two senior executives at Fannie Mae, the giant US mortgage provider, have resigned in the wake of criticisms over accounting irregularities.
Two senior executives at Fannie Mae, the giant US mortgage provider, have resigned in the wake of criticisms over accounting irregularities.
Link: PCAOB to investigate KPMG audit
Chief executive Franklin Raines and chief financial officer Tim Howard have left the company, America’s second-largest financial institution.
Fannie Mae – which supplies funds to America’s $8 trillion mortgage market – could have to restate its earnings by up to $9bn (£4.6bn) as a result of investigations by US financial regulators.
Last week, the Securities and Exchange Commission, said the company had made serious errors in its financial reporting, and was found to have violated rules relating to derivatives and some pre-paid loans.
The US financial regulator said Fannie Mae would need to raise substantially more capital to restore its balance sheet.
According to a BBC website, KPMG will also be replaced as the company’s auditor.
The numbers you crunch tell a story. Your expertis...
19yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article