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WASHINGTON (AP) - Fannie Mae, which finances one of every five home loans in the United States, reported Wednesday its profit rose 26 percent in 2005, but expects to report lower earnings for 2006. It also named a new chief financial officer and raised its dividend.
The government-sponsored company is remaking itself as it recovers from a multibillion-dollar accounting scandal. The 2005 report was its first public reckoning of finances since it announced a restatement in December that erased $6.3 billion in previously reported profit for 2001-2004.
The company, which undertook a massive reworking of its accounting after the scandal became known in September 2004, expects to file its 2006 results before the end of the year.
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