London-based Accountancy Age is reporting in conjunction with Reuters this morning that KPMG will countersue US mortgage giant Fannie Mae. Last week, Fannie Mae announced it had filed suit against KPMG for its role in the company’s multi-billion dollar accounting scandal. It remains unclear what counterclaims the former auditor for Fannie Mae is currently pursuing. Fannie Mae has been largely panned for allegedly altering earnings to trigger management bonuses in 2004; the mortgage conduit was heavily criticised in a recent report by the Office of Federal Housing Enterprise Oversight (OFHEO) and the Securities & Exchange Commission for its ‘unethical corporate culture’. In addition to other penalties, Fannie Mae agreed to a $400 million fine but has not formally admitted wrongdoing.
Paul Jackson is the former publisher and CEO at HousingWire.see full bio
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The story for the housing market over the past three years has been, “Home sales are down, home prices are up.” Because inventory was so restricted after the pandemic, prices pushed higher even as demand weakened. That story may finally be inverting as unsold inventory of homes is now great enough that home prices are […]
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Paul Jackson is the former publisher and CEO at HousingWire.see full bio