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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: TheBusDriver who wrote (31415)	7/18/2003 9:20:15 AM
From: isopatch	Read Replies (1) \| Respond to of 36161

From the Whodathunkit dept<g> The leaks in the dike just seem to get more numerous. How many fingers does Greenpump have?! <WASHINGTON, Jul 17, 2003 (United Press International via COMTEX) -- Senate testimony by a federal regulator Thursday was expected to show that accounting problems at Freddie Mac ran deeper than many people realized. Armando Falcon Jr. also was expected to criticize the mortgage company's investigative team for "lack of candor," the Wall Street Journal said. Company representatives vehemently disputed several of Falcon's key assertions. So far, Freddie Mac's statements about the company's accounting have focused on a handful of areas. But, the Journal said a draft of Falcon's testimony indicates the company's problems also include accounting related to many of the mortgage-backed securities the company issues as well as "erroneous" accounting for the company's big in-house securities sales-and-trading operation. Falcon's testimony says "approximately one-half" of the company's mortgage-backed securities business could be affected. Concerning the mortgage-backed securities issues, Freddie Mac's most recent statement on June 25 made brief references to a failure to record "retained interests and credit obligations" when the company sells mortgage securities.>