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Resource ID: #20759
Source:The Street.Com (New York)
Taking cues from an indisputable windfall for investors in 2003 that saw record low interest Rates, The Street paints the darker side of this seemingly bright picture. Beneath all the extensive shopping and sprees lay the sorry tale of Fannie Mae, the backbone of the U.S housing market, whose financials were plummetting all the way thanks to its head who never prepared the company for such a steep drop in interest rates. Of course Fannie Mae suffered. But further down, the Street also reveals how Mae's CEO Franklin Raines failed to show his actual earnings over the past few years when the company was supposed to be going through a period of supposedly greater transparency