Fannie Mae Close to Catching Up

The mortgage company has scheduled its first annual shareholders meeting since 2004 and plans to file its 2006 10-K next quarter.

Fannie Mae appears to be moving closer to becoming current with its regulatory filings. The mortgage giant’s officials expect to file their 2006 annual report during the third quarter of this year.

In addition, the company plans to become a current filer by filing its 2007 annual report by the end of February 2008. The company has also scheduled an annual shareholders meeting on December 14, 2007 in Washington, D.C. Fannie Mae hasn’t held an annual meeting since May 2004.

Fannie explained in a regulatory filing on Friday that by filing the 2006 annual report, the company will have satisfied the Securities and Exchange Commission’s financial statement requirements for convening annual meetings. “Today’s update reflects a lot of continued momentum in our efforts to catch up and become a current filer,” said president and chief executive officer Daniel H. Mudd in a statement.

At the meeting, shareholders will elect board members to one-year terms.

Fannie Mae’s news that the company is nearing the point of being up-to-date with its financials comes just one month after filing its 2005 10-K. At the end of last year, the company completed a monumental restatement process following a $6.3 billion accounting scandal.

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