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Article: Fannie Mae Takes New Approach in Crisis
- Article from:
- The Washington Post
- Article date:
- September 27, 2004
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Fannie Mae, one of Washington's largest and most influential
companies, is facing a serious crisis. Federal regulators have
accused the mortgage-finance giant of cooking its books, in part to
make room for huge bonuses for its top executives.
When confronted with emergencies in the past -- legislative
efforts to tax the company or to end federal ties that give it a
competitive advantage -- Fannie Mae has used a brass-knuckles
approach. Its political machine, comprised of hired lobbyists,
executives and directors of both political parties and grassroots
groups nurtured by donations from its foundation, has long been able
to run over its adversaries.
But this time, Fannie Mae is acting ...