Securities


Fannie Mae (formerly the Federal National Mortgage Association; www.fanniemae.com ) and Freddie Mac (formerly the Federal Home Loan Mortgage Corporation; www.freddiemac.com ) voluntarily consent to unprecedented SEC oversight of their financial disclosures. The accord’s immediate practical consequences—registration of the two government-sponsored enterprises’ (GSE) common stock with the SEC—are perhaps less significant than its implications for the future, which include the possibility of SEC registration of the GSEs’ high-profile, mortgage-backed securities. Moreover, by registering their common stock, Fannie Mae and Freddie Mac will be required under the Securities Exchange Act of 1934 to file their annual and quarterly reports and amendments with the SEC beginning in 2003. Also party to the agreement are the Treasury Department and the Office of Federal Housing Enterprise Oversight ( www.ofheo.gov ), which monitors the GSEs’ capital adequacy and financial safety and soundness.

SPONSORED REPORT

Building client loyalty with payroll services

In this report, CPA experts detail their tactics for performing successful payroll services, how to mitigate risk in the process, and the impact payroll can have as a value-added service.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.