Fannie Mae-No Politics (FNMA)

[Phisherman]

Ex-GSE Execs: Market Downturn Hurt All Firms
Ex-Fannie CEO Mudd: Conservatorship Not Best Choice
Ex-Fannie Mae, Freddie Mac CEOs Defend Firms' Roles In Mtge Mkt
Ex-Fannie Mae CEO Raines Says Firm Didn't Cause Fincl Crisis
Moody's: Underlying Collateral Is Mostly Adj Residential Lot Loans
Ex-Fannie chief Raines: Company did not spark crisis 12/09 10:02 AM
WASHINGTON, Dec 9 (Reuters) - Mortgage finance giant Fannie Mae (FNM:$0.80,00$-0.04,00-4.76%) did not make the investments that sparked the current housing market crisis, the company's former chief told the U.S. House of Representatives on Tuesday.
"Fannie Mae (FNM:$0.80,00$-0.04,00-4.76%) did not cause the current crisis," Franklin Raines told the House Oversight and Government Reform Committee.
"By the time the (government-sponsored enterprise) began its most significant investments in riskier loans in 2005, the roots of the present crisis had long taken hold," he said in prepared testimony to lawmakers seeking answers to the collapse of Fannie Mae (FNM:$0.80,00$-0.04,00-4.76%) and its sibling company, Freddie Mac (FRE:$0.79,00$-0.05,00-5.95%) . (Reporting by Patrick Rucker; Editing by James Dalgleish)