Getting your player ready...
THE MOVERS
Fannie Mae: $41.71, down $4.99 (10.7 percent): Shares of the largest provider of home loans tumbled the most since the stock-market crash of 1987 after Dow Jones said investigators found “new and pervasive accounting violations.” Wednesday’s decline wiped out about $4.82 billion in market value. Fannie Mae may have bought so-called finite insurance policies to hide earnings losses after they were incurred, according to Dow Jones, citing people “close to, or who have been involved” in the investigation it didn’t identify. Executives at the Washington-based company also embellished earnings by overvaluing assets, underreporting credit losses and misusing tax credits, Dow Jones said.
