Mortgage giants omit loan losses, report says
Posted: August 20, 2013 at 5:21 a.m.
Fannie Mae and Freddie Mac, which have reported record profits after a taxpayer bailout, are ignoring billions of dollars in potential losses on overdue loans as they take three years to adopt a new accounting system, a government auditor said in a letter made public Monday.
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Front Section, Pages 1 on 08/20/2013