In a two-page report, summarize the questionable accounting practices and what the consequences were for each firm and the executives involved in the scandal.

At the time of this text’s publication, the U.S. economy was experiencing a financial crisis. Obtaining business loans, home and automobile loans, and consumer credit was more difficult because of tightening of credit policies by major lenders.
At the heart of the problem were two large home mortgage lenders—Fannie Mae and Freddie Mac—that provide funds to home mortgage lenders by either purchasing mortgage assets or issuing home mortgage loan guarantees that facilitate the flow of funds into the home mortgage market in the United States. Both firms have also been accused of doctoring earnings and questionable accounting practices.