Fannie Reveals Yet More Accounting Woes

Fannie Mae -- without providing financial estimates -- revealed Thursday that it has found accounting mistakes in four additional areas: its guaranty business, certain mortgage insurance contracts, bookkeeping errors tied to the Low Income Housing Tax Credit, and investments it made in three synthetic fuel partnerships.The troubled mortgage giant made the disclosure Thursday morning in a filing with the Securities and Exchange Commission. During a news conference, the government-sponsored enterprise said it continues to lose market share in the issuance of mortgage-backed securities. Its share now stands at 25%, compared with 45% back in 2003. The company also unveiled several additions to its senior management team, including the hiring of Robert T. Blakely as its new chief financial officer. An accounting industry veteran of 40 years, Mr. Blakely oversaw the massive restatement of MCI Inc.