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Report slams Fannie Mae on finite; Agency to pay $400 million fine over accounting.(Federal National Mortgage Assn.)
Business Insurance, May, 2006 by GREENWALD, JUDY
Byline: JUDY GREENWALD WASHINGTON-A government report that is harshly critical of various practices at the Federal National Mortgage Assn. says the organization inappropriately accounted for a finite risk contract with a unit of the Radian Group and explored-but never entered into-other finite risk arrangements with Marsh & McLennan Cos.
Inc and a unit of ACE Ltd. Observers disagree on whether the report signals greater scrutiny of the use of finite contracts by entities other than insurance industry companies. James C. Lockhart, acting director of the Office of Federal Housing Enterprise Oversight, which last week issued its 340-page report on Fannie Mae, said in a statement that "the image of Fannie Mae as one of the lowest-risk and `best in class'...
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