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.
Report: KPMG to Countersue FNMA
Most Popular Articles
Latest Articles
Lower mortgage rates attracting more homebuyers
An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]
-
Rocket Pro TPO raises conforming loan limit to $802,650 ahead of FHFA’s decision
-
Show up, don’t show off: Laura O’Connor is redefining success in real estate
-
Between the lines: Understanding the nuances of the NAR settlement
-
Down payment amounts are exploding in these metros
-
Commission lawsuit plaintiff Sitzer launches flat fee real estate startup
