Fannie Mae spending over $1B on review

The AP reports:

Fannie Mae said Wednesday it expects to spend more than $1 billion this year on the massive review of its accounting and preparing financial statements as the mortgage giant pushes to complete it by year's end.

The government-sponsored company, which finances one of every five home loans in the United States, is emerging from an accounting scandal that brought the ouster of top executives and a record $400 million civil fine in a settlement with federal regulators. Fannie Mae also said it would miss a regulatory deadline Wednesday for filing its financial report for the third quarter of 2006. The company hasn't filed an earnings statement since late 2004.

The accounting practices of modern day fascism.