Fannie Mae Sees More Red

Fannie Mae told the agency that it could be forced to wipe another $2.4 billion in profit off its books as it works to fix accounting problems that were identified by its regulator, the Federal Office of Housing Enterprise Oversight, in February. The agency questioned whether certain commitments it made to buy or sell mortgages were really derivatives under an accounting rule known as FAS 149, and whether they qualified for derivative-hedge accounting.