Fannie Mae Appoints New Independent Auditor

In the wake of Enron and other financial scandals, independent auditors, the consultants responsible for certifying the financial statements of large corporations, have been playing a game of musical chairs. In the latest round, Fannie Mae, which fired auditor KPMG on December 22 when the Securities and Exchange Commission (SEC) demanded a restatement of four years of earnings, has appointed Deloitte & Touche, LLP as its new auditor. Deloitte & Touche will audit the corporation�s 2004 statement and re-audit previous statements dating to 2001, as ordered by the SEC.