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September 25, 2023

out-of-period adjustments

Fannie Mae Confident That a $4 Billion Accounting Error Is Totally Not Material, Guys

The Street had an interesting piece about Fannie Mae's most recent "out-of-period adjustments," which is Fannie's casual way of explaining away a $4 billion error over five consecutive quarters from Q4 2011 through Q4 2012, as well as Q2 2010. While Fannie Mae did disclose the errors, one reason they did not attract more scrutiny […]