Smart Money Last To Get The Word

Smartmoney.com reports "Fannie Mae (FNM) shares sank to a new low, losing 4%, after The Wall Street Journal reported that regulators are probing instances of employees falsifying signatures and accounting records." Reuters is late to the story as well.

Readers of this blog will remember I reported on these irregularities on March 9th. See:Agreement Gives Insight Into Fannie Mae Scandal. "The implementation of controls surrounding accounting ledger journal entries,including policies that prohibit the falsification of signatures..adoption of internal controls that limit the ability of personnel to overwrite database records."

And on the 15th: "As it became known last week, Fannie employees have been "falsifying signatures and altering information in databases" and were "not isolated incidents." Score one for the bloggers!