Chimera Investment Corporation (CIM)is still completing an evaluation of its accounting policy related to generally accepted accounting principles with its non-agency mortgage-backed securities, according to an SEC filing dated Nov. 13.
Each annual report filed by Chimera for the years 2008 through 2010, quarterly reports between 2008 and 2011 and all subsequent quarters through Sept. 2011 must be restated.
This was decided between the Audit Committee and the company’s public accounting firm Deloitte & Touche.
HousingWire reached out to Chimera for comment, but received no response.
"Our previously issued consolidated financial statements for the Restatement Period and the corresponding audit opinions of Deloitte on the consolidated financial statements and the reports on our internal controls over financial reporting included or described in our previously filed Annual Reports on Form 10-K for the years ended December 31, 2010, 2009 and 2008 should no longer be relied upon," according to the SEC filing.
Chimera will present the Restatement on its annual 10-K report for 2011, which has not been filed. The company will also file its quarterly 10-Q for the period ending in March, 60 days after its 10-K filing. Currently, there is not a specified filing date in place.