WASHINGTON – Housing Government Sponsored Enterprise Fannie Mae, which was recently cited by the Office of Federal Housing Enterprise Oversight (OFHEO) for accounting problems and alleged earnings manipulation and is being investigated by the Securities and Exchange Commission for its accounting practices, notified the SEC on Nov. 15 that it would not meet a regulatory deadline of that date to file its third-quarter financial results. Fannie Mae issued a statement that it was not able “to file a timely Form 10-Q that complies with the SEC's rules because it has been advised by its independent auditor that it is unable to complete its review of Fannie Mae's interim unaudited financial statements for the quarter ended September 30, 2004.” Fannie Mae's independent auditor is KPMG. A statement issued by Fannie Mae states that “Fannie Mae continues to believe that its current accounting policies and applications of FAS 91 and FAS 133 are consistent with generally accepted accounting principles, and has submitted letters to the SEC Staff presenting its views on its accounting policies and practices.” FAS 91 refers to Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Initial Direct Costs of Leases; FAS 133 concerns Accounting for Derivative Instruments and Hedging Activities.