Tough Times Continue For Freddie Mac
Freddie Mac Embroiled In an Accounting Scandal. Freddie Mac, the US mortgage financier embroiled in an accounting scandal, is having a tough time getting its affairs in order. A month ago, the financier released the results of an independent investigation into its financial statements, a 107-page report showing how former … [Read more...] about Tough Times Continue For Freddie Mac
Freddie Mac Ousts Parseghian Amid Accounting
Freddie Mac Accounting Irregularities. Freddie Mac ousted Chief Executive Officer Gregory Parseghian a month after he was implicated in a series of accounting irregularities at the second-largest buyer of U.S. mortgages, its regulator said. The Office of Federal Housing Enterprise Oversight urged a management shakeup in meetings … [Read more...] about Freddie Mac Ousts Parseghian Amid Accounting
Ohio Attorney General Sues Freddie Mac
Freddie Mac Misleading Accounting Practices. Ohio's attorney general sued mortgage giant Freddie Mac on Friday over what he called the company's "deliberately misleading accounting practices." Attorney General Jim Petro is seeking to recover more than $25 million lost by state retirement systems for teachers and public … [Read more...] about Ohio Attorney General Sues Freddie Mac
Freddie Mac Report Accuses Former Execs
Freddie Mac Accounting Scandal. In the most detailed look yet at the accounting scandal plaguing Freddie Mac, a board-ordered investigative report says former top executives violated accounting rules and withheld information from the board of directors in an effort to present a pattern of steady earnings growth. ''This is a … [Read more...] about Freddie Mac Report Accuses Former Execs
Freddie Mac Board ‘Misled’ By Managers
Freddie Mac Board Accounting Scandal. An independent report on the accounting scandal at Freddie Mac found that former executives deliberately massaged earnings and misled the board, but it absolved its new chief executive of wrongdoing. The government-sponsored mortgage group on Wednesday published the report by Baker Botts, the … [Read more...] about Freddie Mac Board ‘Misled’ By Managers
Freddie Mac Fudged Up To $4.5B
Freddie Mac Understated Earnings. Mortgage giant Freddie Mac said Wednesday that it understated earnings by as much as $4.5 billion over three years, the result partly of a corporate push to portray steady growth to investors. Gregory Parseghian, Freddie's new CEO, said the announcement ''reflects poorly on past … [Read more...] about Freddie Mac Fudged Up To $4.5B
Freddie Mac Criminal Probe
Freddie Mac Accounting Practices. Two days after Freddie Mac removed its top three executives amid questions over its accounting practices, a criminal investigation has been launched into the huge government-chartered mortgage company, as well as a formal investigation by the Securities and Exchange Commission. Paul … [Read more...] about Freddie Mac Criminal Probe
