Is Fannie Mae Another Enron?
The Wall Street Journal takes a critical look at the financing behind Fannie Mae and Freddie Mac and asks: Are they the next Enron?
"It seems that Fan and Fred, two "government-sponsored enterprises" that hold the majority of all home mortgages in the U.S., have been growing their debt at an annual rate of 25%. They now have about $2.6 trillion in debt outstanding, a big number in any case, but really big considering that taxpayers are on the hook for it. The budgeteers also expressed some anxiety about Fan and Fred's increasing dependence on derivatives."
Thanks to Chris Steins
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Published on Wednesday, February 20, 2002 in
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