Fannie Mae Could Reveal More Accounting Errors, Shelby Says.

Senate Banking Chairman Shelby said today that Fannie Mae might reveal more of the accounting errors that led previously to an estimated $10.8 billion restatement of earnings. "There will be other shoes to drop," said Shelby in an interview, Bloomberg News reported. He noted that the government-chartered company and its regulator in coming weeks planned to release reports on separate accounting investigations. Fannie Mae and Freddie Mac "have had some horrendous accounting problems, and we still don't know what's out there," Shelby said.