United States: Duane Morris Assists OFHEO in Examination of Fannie Mae
Last Updated: May 30 2006

WASHINGTON, D.C., May 26 - Duane Morris assisted the Office of Federal Housing Enterprise Oversight (OFHEO) in conducting its extensive and complex Special Examination of Fannie Mae's manipulation of accounting and earnings to trigger bonuses for senior executives. The examination resulted in a comprehensive report of more than 340 pages and an agreement by Fannie Mae to pay $400 million in penalties and enter into a significant plan of remediation. Duane Morris continues to advise and provide counsel to OFHEO. The Duane Morris team was led by Joseph J. Aronica, Anthony J. Costantini and Karen S. Crawford.

To read the full text of OFHEO's press release please visit www.ofheo.gov/media/pdf/settlementrelease.pdf

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Press Releases from this Firm
Recent Content from this Firm
By Mark Stanisz
By Oliver Massmann
By Neville Bilimoria
By Thomas Ostrander
By Timothy Collins
By Nicole Candelori, Justus Getty
By Oliver Massmann
By Jonathan Segal
By Eduardo Ramos-Gómez, Ramiro Rodriguez, Diego Lerner
By Thomas Newman, Steven Ahmuty,Jr.
Font Size: