Clearing Out Fannie's 'Phantoms'
"The federal regulator that oversees home-mortgage giant Fannie Mae finally persuaded that government-sponsored enterprise to agree to clean up its questionable accounting practices...
The two housing giants enjoy privileges for low-cost borrowing that are the envy of banks... If Fannie and Freddie are allowed to grow unchecked, Mr. Greenspan warns, their possible failure could threaten the U.S. financial system."
Thanks to Chris Steins