Fannie Mae Expected to Be Fined in Settlement
From the Associated Press
Mortgage giant Fannie Mae is expected to be fined $300 million to $500 million over the alleged manipulation of accounting so that executives could collect millions in bonuses, in a settlement to be announced today.
The deal with the Office of Federal Housing Enterprise Oversight and the Securities and Exchange Commission comes as the government-sponsored company struggles to emerge from an $11-billion accounting scandal.
The housing oversight agency is scheduled today to issue the results of its investigation of Fannie Mae, an assessment that is expected to be sharply critical.
