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Article: Fannie Mae's accounting woes cloud its future
- Article from:
- International Herald Tribune
- Article date:
- July 23, 2003
- Author:
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Fannie Mae has had a very good run. Powered by federal sponsorship
that enables it to borrow money cheaply, Fannie Mae has become the
most important company in the U.S. housing business, the strongest
part of a struggling American economy. Its assets have increased sevenfold
since 1990 to nearly $900 billion, making it the second-largest financial
institution in the United States, trailing only Citigroup. Along the
way, the company's management has won accolades for its political
and business savvy. Fannie Mae's stock gains and earnings have easily
outgrown those of the average big company over the last decade. In
2001, it was one of 11 companies profiled in ''Good to ...