Fanny Mae certainly not

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Fannie Mae, the US mortgage giant, will spend more than $800m this year on efforts to restate its earnings following the exposure almost two years ago of accounting errors totalling up to $11bn, the company said on Tuesday.

The mounting bill for the restatement - which includes the cost of consultants, accountants and lawyers as well as technology investments and some employees - pushed administrative costs up 66 per cent in the first quarter compared with the same period last year.

The company had already revealed that about a third of its employees would spend more than half their time working on the restatement and that an additional 1,500 consultants would be brought in to help.

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