Fannie Mae--More accounting errors!
I've touched on Fannie Mae's accounting problems several times in the past--here, here & here.
Unfortunately, most folks are still completely unaware of this GSE's massive problems, and are oblivious to the fact that if this company fails, it could lead to complete economic chaos... Allow me to try and sum up the issue in three small words: Government sponsored ENRON. If those three don't work, try these three: $1.5T of Debt .
Anyway, the reason I'm bringing up Fannie Mae again today is because Forbes has just released a new report: Fannie Mae announces new accounting errors and won't meet their deadline for filing their annual financial report (a 2nd straight year). This thing smells worse every time we sniff it...
Am I just paranoid or do others agree this thing could eventually explode?