Accounting issues still hurting Fannie Mae

US mortgage finance giant Fannie Mae has blamed unresolved accounting
problems for its inability to file its quarterly report with the SEC.

The government funded lender, which already sits under a fraud cloud
allegedly involving former executives, said it was not able to file on time
because it had not completed its consolidated financial statements for the first
quarter of 2007.

Only last week, the company filed its 2005 annual report in an effort to get
caught up on its financial reporting.

Further reading:

Fannie Mae CFO misses out on £1.7m

Fannie Mae executives charged with fraud

KPMG to countersue Fannie Mae

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