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Manufactured Housing Bonds Pose Problem for Fannie Mae.(Brief Article)
Last month, a few hours before a Senate panel was set to debate historic legislation to strengthen regulation of all housing GSEs, the Office of Federal Housing Enterprise Oversight laid a bombshell on Fannie Mae, saying publicly that the company "may" have to restate prior years' earnings.
OFHEO, which many not be in existence a year from now (at least not in its current form) also specified why, saying that Fannie may not have "applied the proper accounting" in regard to impairment charges on its investments in manufactured housing loans and other assets.
However, the agency did not speculate on whether such a restatement would be up or down or by how much.
On Thursday, as this newspaper went to press, Fannie Mae declined to comment further. Its stock closed up on the day, rising $1.04 to $75.39.
Fannie's manufactured housing portfolio totaled $8 billion at year-end 2003. Last year it took a $155 million "other-than-temporary" impairment charge on the portfolio, it said in a Securities ...
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