The Fannie Scandal

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Title: The Fannie Scandal

Essay Details:

Subject: Business

Author: Mae V

Date: May 29, 2016

Level: University

Grade: B

Length: 2 / 593

Essay text:

Though it remains very familiar in the minds of the American people, Fannie Mae had also lead a scandalous act to line the pockets with millions of dollars for the top executives. This paper is going to help the reader to understand the flaws of the accounting practices within the mortgage industry and why research in any company before action is taken is very important. Introduction On September 22,2004, Fannie Mae was charged with "with inappropriate accounting practices" by a government review. The Office of Federal Housing Enterprise Oversight, the company's official regulator outlined their findings by stating that Fannie Mae's accounting methods "deviate from standard practice, internal control failures and presents a pattern that accentuated stable earnings at the expense of accurate financial disclosures...

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