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Author: CCinOC Big funky green star, 20000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127715  
Subject: Agencies Ignoring Write-Offs, Report Says Date: 8/22/2013 9:26 PM
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http://www.bloomberg.com/news/2013-08-19/fannie-mae-and-fred...

Fannie Mae and Freddie Mac, which have reported record profits after a taxpayer bailout, are ignoring billions of dollars in potential losses on overdue loans as they take three years to adopt a new accounting system, a government auditor said in a letter made public today. The accounting change should be made immediately and could have a material impact on the companies’ finances, according to the Aug. 5 letter to Federal Housing Finance Agency acting director Edward J. DeMarco from Steve Linick, the regulator’s inspector general.

“Three years appears to be an inordinately long period,” Linick wrote in the letter posted on his office’s website today.

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