House hearing to delve into Fannie Mae's problems

Edward J. Pinto, formerly a credit officer at Fannie Mae, and several outside experts are set to testify today before the House oversight committee regarding the state of the mortgage giant. Three months after Fannie Mae and Freddie Mac were, in effect, nationalized, analysts are concerned that Fannie's home mortgage holdings are quickly deteriorating. Another concern is how the company accounts for Alt-A and subprime mortgages. "Fannie is a much bigger and deeper hole than anybody has yet realized," said Peter J. Wallison, a long-time critic of Fannie Mae and former counsel of the Treasury Department.

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