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In its 2014 Form 10-K, Flagstar Bank disclosed that it was restating its financial statements as of and for the year ended December 31, 2013

In its 2014 Form 10-K, Flagstar Bank disclosed that it was restating its financial statements as of and for the year ended December 31, 2013 and the quarterly periods in 2013 and 2014. Do you think it was necessary for Flagstar to restate its 2013 annual financial statements? Support your position.

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