Washington D.C. – Today, U.S. Senator John McCain (R-AZ) submitted for the record the following statement regarding his co-sponsorship of the Federal Housing Enterprise Regulatory Act of 2005: Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal. The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for...
