And the report that launched it all …

Armando Falcon’s 2004 report to Congress about Fannie Mae’s failure to comply with GAAP (Generally Accepted Accounting Principles).  All 198 pages of it.  Here is a blurb from the opening summary:

“The matters detailed in this report are serious and raise concerns regarding the validity of previously reported financial results, the adequacy of regulatory capital, the quality of management supervision, and the overall safety and soundness of the Enterprise.”

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