Fannie Mae, the government sponsored company, finances one of every five home loans in the United States, and said it had found accounting errors in addition to those it disclosed on March 13. Fannie Mae said it will miss a regulatory deadline Wednesday for filing its financial report for the first quarter. 

In 2004, Federal regulators accused Fannie Mae of serious accounting problems and earnings manipulation to meet Wall Street targets, and the Securities and Exchange Commission ordered the company to restate earnings back to 2001. This correction is expected to reach an estimated $11 billion, prompting the Justice Department to pursue a criminal investigation. 

The company also has said it expects an upcoming internal report to show that its financial controls remained insufficient as recently as the end of last year.

In a filing with the SEC, Fannie Mae said, "We have substantially completed a comprehensive review of our accounting policies and practices in order to determine whether these policies and practices are consistent with standard accounting principles. Restating our financial statements is requiring a substantial amount of time and resources because the restatement entails significant complexities." 

Fannie Mae also stated that the newly disclosed accounting errors involve certain transactions in its business of buying home mortgages from banks and other lenders and bundling them into securities. The company said it has not yet determined how the errors affected its financial situation. 

In March, Fannie Mae revealed new accounting problems that had been uncovered in several areas, including certain loans, investment securities, houses acquired through foreclosures, interest on delinquent home loans and reverse mortgages. These are in addition to the accounting rule violations which surfaced in September 2004 involving derivatives, the financial instruments Fannie Mae uses to hedge against swings in interest rates and its mortgage commitments.