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To: TobagoJack who wrote (16830)	3/15/2002 1:45:39 PM
From: Raymond Duray	Read Replies (2) \| Respond to of 74559

Hi Jay, That was an interesting news tidbit on Fannie Mae. It seems that Sarbanes has put his blinders on for Franklin Raines. It's a pity, because the risks really ought to be more thoroughly disclosed. Rumors of Fannie's and Freddie's overleveraged portfolios are rampant. I can only imagine the dislocations that too rapid a rise in the discount and fed funds rate might cause to the derivatives positions that the GSEs maintain. Others can hopefully quantify some of the risks. Salaams, Ray