Yesterday's press accounts of the $400 million fine levied on Fannie Mae left me furious over the amazing lack of detail on the scandal itself and especially its perpetrators. From the WaPo: Fannie Mae engaged in "extensive financial fraud" over six years by doctoring earnings so executives could collect hundreds of millions of dollars in bonuses, federal officials said yesterday in a report that portrayed a company determined to play by its own rules. Regulators at the Securities and Exchange Commission and the Office of Federal Housing Enterprise Oversight, in announcing a settlement with Fannie Mae that includes $400 million in penalties, provided the most detailed picture yet of what went wrong at the congressionally chartered firm. They portray the District—based mortgage funding giant —— a linchpin of the nation's housing market —— as governed by a weak board of directors, which failed to install basic internal controls and instead let itself...(Read Full Post)