NYSE OKs Continued Listing of Fannie

Fannie Mae -- which had been in danger of being delisted by the New York Stock Exchange -- has received a reprieve.In a filing with the Securities and Exchange Commission, the congressionally chartered mortgage giant said the NYSE, on Jan. 19, granted its request for continued listing even though it has not reported any earnings since the second quarter of 2004. NYSE rules allow the exchange to delist companies that do not file a 10-K (annual earnings statement) in a timely manner. Rules also allow the exchange to grant waivers depending on a company's financial health. (The government-sponsored enterprise is not in danger of immediately failing.) However, the NYSE said the company's continued listing will be subject to quarterly reviews "as well as ongoing monitoring of Fannie Mae's progress toward restating" its books. The GSE has said it expects to restate prior years' earnings by $11 billion. It is undergoing a massive internal investigation and restatement process.