Top American mortgage bank dismissed after fraud
Spent: 9 June 2003 16.40 WASHINGTON - the top of the
American mortgage bank Freddie Mac has been dismissed Monday with
immediate entrance because of tampering with the accountancy between
2000 and 2002. in these years the profit was given up too low to build
buffers for bad times. The revealing of the fraud led to a
koersval of 15 per cent for Freddie Mac on the grant in New York.
The trade lay just as quiet, because beleggers rapidly of their
proportions of afwilden. governing board President Leland
Brendsel and financial director Vaughn Clarke responsible are kept for
the fraud. Third man David Glenn has been also sent away.
Freddie Mac will adapt the financial results of the previous
years and have continuators are meanwhile appointed for the dismissed
drivers. Some American companies use technique to reduce the
profits in good times the surplussen at voorschijn to be able obtain
when the resulaten deteriorate. By the financial scandals which
Wall Street infested the previous years, the authorities this are use
will tackle. Freddie Mac are a bank which to mortgages helps
Americans with low incomes buying loans of banks, which to join and
afterwards by selling as securities to investors. By the dangers
spreading out be the loans more attractive. As a result, people
can who cannot normally spoken claim a mortgage loan a house
nevertheless to finance. The government supports mortgage banks
such as Freddie Mac. (c) DUTCH PRESS AGENCY
Source "top American mortgage bank dismissed after fraud": nu.nl
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