Fannie Mae-No Politics (FNMA)

[brandemarcus]

So I as an auditor do not have a role in judging 50 billion in credit loss provisions for 2009 (just Fannie alone!), and yet I am supposed to judge whether the financial statements fairly represent the actual net worth and profit in a year.
That's by far the largest expense item for the gse's in year, and yet no duty to examine the adequacy. It leads to nonsense. Why do an audit at all under those conditions? Material?! 50 billion!