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WEDNESDAY, APRIL 6 2005 could go down as a momentous day in the history of the US Government Sponsored Enterprises. Armando Falcon, Jr, the departing director of the Office of Federal Housing Enterprise Oversight (OFHEO), told a congressional hearing that Fannie Mae employees had falsified signatures on accounting transactions to help meet earnings targets. The previous day, Federal Reserve chairman Alan Greenspan had told the Senate banking committee that Freddie Mac and Fannie Mae’s mortgage and MBS portfolios should be reduced.
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