Washington Fed Reviewing MBS Contracts

Published April 21, 2005, 2:00 p.m. EDT

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Washington Federal Inc., Seattle, has announced a review of its accounting for forward contracts to buy mortgage-backed securities in light of a Securities and Exchange Commission letter questioning the sufficiency of its documentation.The SEC is questioning whether Washington Federal's documentation for the derivatives meets the requirements of Statement of Financial Accounting Standards No. 133 and Emerging Issues Task Force Topic D-102, the company said. If its discussions with the SEC result in a requirement to restate its financial results for fiscal years 2001 through 2004, Washington Federal estimated that the cumulative effect would be to decrease net income by $3.81 million, or 0.62% of cumulative net income during that period.

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