Fannie Mae delays 10-Q filing

Fannie Mae filed a form 12b-25 with the Securities and Exchange Commission regarding its 10-Q filing for the quarter ended Sept. 30, 2004, which was due Monday. Fannie Mae is not able to file a timely Form 10-Q that complies with the SEC's rules because it has been advised by its independent auditor that it is unable to complete its review of Fannie Mae's interim unaudited financial statements for the quarter ended September 30, 2004. The SEC's rules require that such a review be completed for interim financial statements on Form 10-Q, and the absence of such a review renders a Form 10-Q non-compliant and untimely. The audit follows the Office of Federal Housing Enterprise Oversight report questioning Fannie Mae's accounting policies.