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Regulator Scrutinizes Fannie Accounting.
The chief regulator of Fannie Mae said the mortgage giant uses more than 70 flawed accounting systems in its financial reporting division, a unit that was responsible for a $1.1 billion accounting mistake back in October.
In a Feb. 24 letter to Fannie Mae chairman Franklin Raines, the Office of Federal Housing Enterprise Oversight asks the company to correct the problem and submit a remediation plan.
"The lack of a fully automated SFAS 149 accounting process as well as the total number of other end-user computing systems at Fannie Mae raise concern," OFHEO director Armando Falcon writes in the letter. (SFAS is a reference to an accounting rule.)
The agency says "end-user" computing systems carry significant risk of error because they are not totally automated and allow for manual overrides. (End-user systems are akin to manual systems because they are not totally automated.)
Fannie's $1.1 billion accounting error, which did not affect earnings, was the result of what the agency calls a "computational miscalculation contained in a spreadsheet ...
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Source: HighBeam Research, Regulator Scrutinizes Fannie Accounting.