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ZT: California housing at 'tipping point'(CNN Money) -- 不拉不拉 - (3308 Byte) 2005-9-29 周四, 12:17 (964 reads) |
不拉不拉
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作者：不拉不拉 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Sept. 28 (Bloomberg) －－ Shares of Fannie Mae, the largest source of money for U.S. home loans, tumbled the most since the stock market crash of 1987 after Dow Jones said investigators found ``new and pervasive accounting violations.''
The stock ｄｒｏｐped $4.99, or 11 percent, to $41.71 on the New York Stock Exchange. The shares are the lowest since July 1997, and are down 41 percent this year after its regulator in 2004 uncovered accounting mistakes.
Company executives embellished earnings by overvaluing assets, underreporting credit losses and misusing tax credits, according to Dow Jones, citing people ``close to, or who have been involved'' in the investigation it didn't identify. Evidence indicates Washington-based Fannie Mae purchased so-called finite insurance policies to hide earnings losses after they were incurred, according to Dow Jones.
``If Fannie Mae is using finite insurance to offload losses that would generate a significant amount of concern in the investor community,'' said Edwin Groshans, an analyst at Fox- Pitt, Kelton Inc. in New York.
Fannie Mae officials declined to comment on specific accounting issues, Dow Jones said. Fannie Mae Spokeswoman Janis Smith didn't immediately return a phone call for comment.
Corinne Russell, a spokeswoman for the Office of Federal Housing Enterprise Oversight, declined to comment. Ofheo is the regulator for Fannie Mae and the smaller Freddie Mac.
Rudman Probe
Fannie Mae was created by the government in 1938 to provide financing for home mortgages. They own or guarantee almost half the $7.6 trillion mortgage market.
The company and Freddie Mac make most of their profit on the difference between its costs to borrow in the bond market and the returns on mortgages held in their portfolios. They also earn money by charging lenders a fee for guaranteeing credit on mortgage-backed bonds.
The extra yield investors demand to own 10-year Fannie Mae debt rather than Treasuries was little changed at 33.5 basis points. A basis point is 0.01 percentage point.
Former U.S. Senator Warren Rudman, who is heading the probe, told Bloomberg in an interview earlier this month that investigators plan to complete by year-end a report into an estimated $10.8 billion in accounting errors by year-end.
``At this moment in time we don't have any conclusions on these points,'' Rudman said in an interview today.
Fannie Mae's directors in September 2004 hired Rudman, a Republican from New Hampshire, to lead an investigation after the company's regulator determined Fannie Mae used improper ``cookie jar'' reserves and broke accounting rules when using financial contracts to reduce risk.
`Accounting Issues'
``During the course of our investigation, there have been other accounting issues that we have come across and we are looking at them as well,'' Rudman said at the time, reiterating a comment from May that he had uncovered problems not identified by the regulator. ``There are numerous accounting issues.''
The company, following a ruling by the Securities and Exchange Commission, announced the start of an earnings restatement in December and ousted Chief Executive Officer Franklin Raines and Chief Financial Officer Timothy Howard. The SEC said Fannie Mae violated rules for accounting for contracts designed to protect its $789 billion of mortgages and mortgage securities from swings in interest rates.
Chief Operating Officer Daniel Mudd took over for Raines.
``Also, how big of an issue is this? Did the company know, and are these issues why Dan Mudd came out and said the company wouldn't put out financial reports until the second half of 2006?'' Fox-Pitt's Groshans said.
Fannie Mae on Aug. 9 said it will take until at least the second half 2006 to complete a restatement of earnings.
Cutting Portfolio
Earlier today Fannie Mae said its investment portfolio shrank for a 10th consecutive month in August to the smallest in almost three years.
The investments, which account for more than three-quarters of Fannie Mae's profit, contracted by $20.5 billion to $768.3 billion. The decrease is 27.1 percent on an annual basis, the fastest rate since May.
Fannie Mae is paring its holdings through sales and refinancings to help create a 30 percent capital surplus mandated by its federal regulator for violating accounting rules on the portfolio. The company since October has reduced its investments by $145 billion to meet the Sept. 30 deadline for the surplus, and as prices on mortgage assets remain high relative to the cost of borrowing, it has said.
作者：不拉不拉 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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