Summary
Mortgage finance giant Fannie Mae won't face criminal prosecution in an alleged multibillion-dollar accounting scheme, the latest twist in a saga of intrigue involving a politically potent company. The decision, first announced Thursday by the government-sponsored company, marks one more break in the succession of high-profile financial prosecutions in recent years. Federal prosecutors in Washington confirmed they had shut down their investigation of Fannie Mae's faulty accounting after two years. But the Securities and Exchange Commission still could bring civil actions against individual executives. Fannie Mae was fined a record $400 million in a civil settlement in May with the SEC and the Office of Federal Housing Enterprise Oversight over the accounting problems and alleged earnings manipulation.
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Extract
Fannie Mae Avoids Criminal Prosecution
Mellon Financial Corp. agreed to sell its insurance-premium financing business, AFCO Credit Corp., to BB&T Corp., of Winston- Salem, N.C. The transaction, for which terms were not disclosed, include Canadian affiliate CAFO Inc....
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