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Shares decline after missing SEC deadline

Tuesday, Nov. 16, 2004 | 9:25 a.m.

Shares of Fannie Mae, the biggest source of U.S. mortgage money, declined after the company's third-quarter profit fell below analysts' estimates and it missed a Securities and Exchange Commission deadline for filing financial statements.

The government-chartered company estimated it would have a cumulative after-tax loss of $9 billion since January 2001 on financial contracts designed to protect against swings in interest rates if the SEC determines it doesn't qualify for so-called hedge accounting.

Fannie Mae also said some calculations for measuring the amortization of premiums or discounts on loans wasn't consistent with accounting rules.

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