Wall Street Applauds Fannie Mae

"Yesterday Fannie announced much-enhanced disclosure rules for its financial derivatives, which America's largest holder of mortgages uses to hedge its growing risk portfolio. This follows by two weeks Fannie's decision to post the insider stock trades of top managers and board members on its Web site... Fan and Fred make private profits but with public risk, and as our editorials have noted they are taking on more risk and debt all the time. Fannie and Mr. Raines are making progress, but they still have a ways to go."

Thanks to Chris Steins