Magazine article American Banker

Fannie CFO Nears Mission's End, with'05 Results Report

Magazine article American Banker

Fannie CFO Nears Mission's End, with'05 Results Report

Article excerpt

Fannie Mae, which is still catching up on financial reporting, said Wednesday that its profits rose 26% in 2005 and that its chief financial officer will step down once it releases 2006 results.

The government-sponsored enterprise also said that it expects to report lower profit for last year than for 2005 and hinted that it could release the 2006 results earlier than yearend, its previous estimate.

Fannie said it made $6.3 billion, or $6.01 a share, in 2005, and will increase its quarterly dividend by 25%, to 50 cents a share, on May 25.

Chief executive Daniel Mudd said on a conference call Wednesday that the GSE would "accelerate as much as we can" to complete the restatement process ahead of schedule, but he would not give a specific timeline for completion.

He said Fannie would probably focus on reporting full-year 2007 results before quarterly earnings for this year. "We achieved a milestone today, and we continue to march diligently ahead in our efforts to get current."

When the 2006 results come out, Fannie said, Robert T. Blakely, its CFO, is to be succeeded in that post by Stephen M. Swad, formerly an executive vice president and the CFO of Time Warner Inc.'s America Online.

Mr. Blakely, who will remain an executive vice president, joined Fannie last year to lead its restatement effort, with the intention of resigning as CFO once the GSE had returned to timely financial reporting.

Mr. Mudd saluted him in an unusually peppy passage for an earnings release. …

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