The report specifically said that Fannie Mae fraudulently reported future earnings so that top executives would receive maximum performance bonuses. The OFHEO probe was expanded [JURIST report] last April after the OFHEO determined that the company accounted for trusts as "qualifying special purpose entities" to keep the trusts' assets and liabilities off the corporate balance sheet. Fannie Mae has agreed [press release] to correct its accounting practices. The Washington Post has more.
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