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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (194757)	10/2/2002 10:30:10 AM
From: yard_man	Respond to of 436258

FNM and FRE want another leg up -- nasty stocks -- can we win fighting city hall??

To: patron_anejo_por_favor who wrote (194757)	10/2/2002 11:41:18 AM
From: yard_man	Respond to of 436258

Beazer gonna fill dat gap?? sure looks like it ... yuuk -- stop on close above 67 -- who'd a thunk that one could get back up?

To: patron_anejo_por_favor who wrote (194757)	10/2/2002 11:44:40 AM
From: ild	Read Replies (2) \| Respond to of 436258

.... Meanwhile, following a speech Tuesday, Federal Reserve Gov. Susan Bies reiterated concerns that Fannie Mae and its smaller sibling, Freddie Mac, don't disclose enough information about the securities they issue. "Fannie and Freddie and GSEs are a growing issue," Ms. Bies said at the Carnegie Endowment for International Peace Tuesday. She noted that while the federal government doesn't guarantee Fannie's or Freddie's debts, investors assume that they do, which enables the companies to borrow at lower interest rates. She said the companies are growing so large that a time will come when the earnings Wall Street has come to expect will "require increasing leverage... . We have to deal with that issue, and Congress needs to focus on it." Although Ms. Bies was speaking for herself, not the Fed, which has no regulatory role over Fannie and Freddie, many Fed officials, including Chairman Alan Greenspan, share her concerns about investors' perception of a government guarantee. Ms. Bies praised Fannie and Freddie and their regulator, the Office of Federal Housing Enterprise Oversight, for deciding earlier this year to require the two companies to adhere to the same financial-disclosure requirements as other publicly traded companies do. But she pressed them to go further and follow the same disclosure requirements for the securities they issue. She said analysts depend on information about the individual mortgages that underlie such securities, such as the interest they pay, the value of the properties and the geographical breakdown of the mortgages. "If someone securitizes a mortgage in the private market, they tell much more about the type of underlying mortgage collateral than Fannie and Freddie do," Ms. Bies told reporters. Fannie Mae spokeswoman Janice Daue said the company already discloses "a great deal of information." She added, "this issue was thoroughly reviewed by Congress and the administration earlier this year. Both determined that the current [securities] exemption benefits the market." online.wsj.com