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Home lender earnings manipulation detailed

Friday, Nov. 21, 2003 | 9:33 a.m.

WASHINGTON -- Mortgage-market giant Freddie Mac disclosed today that it had inflated its earnings for 2001 in financial reports by $1 billion, the first time in its months-long accounting crisis that it acknowledged overstating profits.

The disclosure came as Freddie Mac said its overall earnings are being restated higher by $5 billion in a long-awaited adjustment. The underreported earnings of $4.4 billion for 2000-2002 were close to what the government-sponsored company had estimated in September. In addition, Freddie Mac said that $600 million had been underreported for periods prior to 2000.

Prior to today's report, Freddie Mac had only acknowledged understating its earnings.

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