The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Elroy Jetson who wrote (26327)	12/30/2004 4:50:15 PM
From: Kailash	Read Replies (1) of 306849

What will the consequences be of Fanny Mae's accounting slap on the wrist? insightmag.com "To illustrate Wall Street's irrationality, when the Chief Executive of Fannie Mae, Franklin Raines, was forced to resign last week as a result of the $9 billion accounting errors/frauds at that company, the stock went up in spite of the fact that the fraud had wiped out nearly a third of Fannie Mae's capital and will force it to sell more than $300 billion of mortgage backed securities in order to return within its already inadequate mandatory capital ratios. There is NO chance that this scandal is good news for Fannie Mae, or for the housing market in general, propped up as it has been by excessively low interest rates and a New Deal-designed home lending system that makes no economic sense." Is this correct? K

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