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Wednesday, April 11, 2007

Freddie, Fannie a 'Concern' To OFHEO

Fannie Mae and Freddie Mac, which are trying to fix widespread weaknesses in financial controls that contributed to accounting scandals in 2004 and 2003, "remain a significant supervisory concern," a federal agency responsible for regulating them said yesterday.

The government-chartered mortgage funding companies have taken much more time and money to put their houses in order than either they or regulators expected, the Office of Federal Housing Enterprise Oversight said yesterday in an annual report to Congress.

The scandals revealed severe flaws in the systems the companies use to manage their business and generate financial reports.

- David S. Hilzenrath, WashingtonPost.com

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