and now, fannie mae woes.

  1. 3,735 Posts.
    lightbulb Created with Sketch. 13
    Fannie Mae Withdraws Earnings Release
    Wednesday October 29, 2:20 pm ET

    NEW YORK (Reuters) - Fannie Mae (NYSE:FNM - News), the largest home mortgage funder in the U.S., said on Wednesday it was withdrawing an Oct. 16 press release on its third quarter earnings results.
    The company's stock fell 5.5 percent on the news.

    A revised release with updated information will be issued later on Wednesday, the statement said.

    The company provided no further information regarding the revisions in its press statement. A press officer did not immediately return calls seeking comment.

    "This release is very confusing. It could just be there was a wrong number somewhere that's not meaningful, or it could be something as major as an earnings restatement," said Paul Miller, a research analyst at Friedman, Billings, Ramsey & Co.

    Fannie Mae on Oct. 16 reported third-quarter net income of $2.67 billion, or $2.69 per share. Earnings per share were up 175 percent from the same quarter last year.

    Fannie Mae and Freddie Mac (NYSE:FRE - News) have been under close scrutiny by Congressional legislators and the Bush Administration, who have called for stronger oversight of the two housing giants.

    Freddie Mac is under federal investigation for its accounting practices.

    Shares were trading down 5.5 percent, or $4.14, at $70.76 on the New York Stock Exchange (News - Websites) Wednesday.
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.