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Fannie Mae corrects errors in results

Thursday, Oct. 30, 2003 | 9:54 a.m.

Mortgage lending giant Fannie Mae said on Wednesday that it had corrected errors in its most recent financial results, which in some cases varied from the correct amounts by more than $1 billion. The company attributed the errors to flawed adaptation of new accounting standards.

Its mortgage portfolio grew by $1.7 billion; its total assets by $1.04 billion; and its unrealized gains on certain securities by $1.3 billion. The changes do not affect the company's income statement, Fannie Mae said.

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