Standard&Poor's Ratings Services' rating on Fannie Mae reflects the low credit-risk profile of its core residential mortgage portfolio, its strong access to low-cost capital market funding, and the progress it continues to make toward regaining its status as a timely filer of financial statements. During the past three years, Fannie Mae has been undergoing a massive restatement of its financial results and remediation of accounting and internal control deficiencies related to its financial reporting. In early November 2007, Fannie Mae filed its quarterly financial statements for 2007, reaching a milestone of operating with current financial statements. In first-quarter 2008, Fannie Mae should become a timely filer of its financial statements beginning with the release of its 2007 10-K.
