WASHINGTON, D.C., May 26 - Duane Morris assisted the Office of Federal Housing Enterprise Oversight (OFHEO) in conducting its extensive and complex Special Examination of Fannie Mae's manipulation of accounting and earnings to trigger bonuses for senior executives. The examination resulted in a comprehensive report of more than 340 pages and an agreement by Fannie Mae to pay $400 million in penalties and enter into a significant plan of remediation. Duane Morris continues to advise and provide counsel to OFHEO. The Duane Morris team was led by Joseph J. Aronica, Anthony J. Costantini and Karen S. Crawford.

To read the full text of OFHEO's press release please visit http://www.fhfa.gov/webfiles/2204/settlementrelease52306.pdf