Tuesday, April 22, 2008
Deja vu all over again? The Office of Federal Housing Enterprise Oversight (Ofheo) warned Fannie Mae and Freddie Mac about strict compliance with the new fair use accounting rule FAS 159 that permits companies to make quarterly adjustments to reflect changes in the value of certain assets and liabilities. Ofheo said changes sholuld be documented to prevent retroactive changes and promote transparency. WPost, Fannie Mae, Freddie Mac Warned on Accounting.