Auditor: Fannie, Freddie fail to disclose potential losses

08/20/2013 | Bloomberg

Fannie Mae and Freddie Mac are keeping billions of dollars of potential losses out of their financial reports while reporting record profit, said Steve Linick, inspector general of the Federal Housing Finance Agency. Linick said in a letter to the agency's acting director, Edward DeMarco, that the likely losses on overdue loans are being ignored because Fannie and Freddie are taking three years to shift to a new accounting system.

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