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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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From: Paul Kern5/22/2006 6:05:30 PM
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*DJ Report To Recommend Limiting Fannie Mae's Growth-Sources

*DJ OFHEO Staff To Recommend New Review Of Fannie Execs-Sources

DJ Report To Recommend Limiting Fannie Mae's Growth-Sources

By Damian Paletta

Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)--Staff at the agency completing a three-year investigation into Fannie Mae (FNM) plan to recommend limiting the mortgage giant's growth in a report due for release Tuesday, according to people familiar with the report.

At multiple briefings held Monday, staff from the Office of Federal Housing Enterprise Oversight also told regulators and lawmakers they would recommend ordering a new review into specific executives still working at Fannie Mae, the sources said.

This would contrast with a separate report released in February and chartered by Fannie Mae's board, which found that the executives primarily to blame for the accounting and management failures at Fannie Mae had already left.

It is unclear how the agency could limit Fannie Mae's growth, whether it would be through an order by acting director James B. Lockhart or through a multi-month rulemaking process. Either way, it would likely be watched closely by Capitol Hill because limiting the growth of Fannie Mae and rival Freddie Mac (FRE) has emerged as the central divisive issue standing in the way of legislation to create a new regulator.

An OFHEO spokeswoman and a Fannie Mae spokesman wouldn't comment for this story.

(MORE TO FOLLOW) Dow Jones Newswires

05-22-06 1750ET
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