By Richard Leong, Reuters
Two more regional Federal Home Loan Banks plan to restate past earnings to correct their faulty accounting on derivatives, fanning worries of restatements at the remaining FHLB banks.
The FHLB-Atlanta and FHLB-Dallas said on Monday they will restate financial results for the last four years to change their book-keeping on interest rate derivatives used to hedge mortgage loans and securities.
On Friday, FHLB-Indianapolis said it would restate all earnings reports since 2001 to comply with proper “GAAP” accounting standards on interest rate derivatives. In June, FHLB-Topeka said it would revise its financial results for 2002 and 2003 on its book-keeping of derivatives.
For this complete story, please visit Two More FHLBs to Restate Financial Results.
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