Affordable Housing Institute : US

[For the introduction, see Part 1.]
[For previous installments, see Parts 2, 3, and 4.]

[Quotes in green are from the OFHEO report (full document, .pdf), on which Fannie Mae declined to comment. Sentences are occasionally reformatted (bullets, boldface emphasis, inconsequential brief elisions) for clarity.]
 

If the turbocharged earnings engine starts to rattle more […]

[For the introduction, see Part 1.]
[For previous installments, see Parts 2 and 3.]
 

[Quotes in green are from the OFHEO report (full document, .pdf), on which Fannie Mae declined to comment. Sentences are occasionally reformatted (bullets, boldface emphasis, inconsequential brief elisions) for clarity.]
 

Thus we have established OFHEO’s perspective that (1) under Mr. Raines, […]

[For the introduction, see Part 1.]
[For previous installments, see Part 2.]

[Quotes in green are from the OFHEO report (full document, .pdf), on which Fannie Mae declined to comment. Sentences are occasionally reformatted (bullets, boldface emphasis, inconsequential brief elisions) for clarity.]
 

So far we have had the overture (Part 1), and introduced CEO […]

[For the introduction, see Part 1.]
 

[Quotes in green are from the OFHEO report (full document, .pdf), on which Fannie Mae declined to comment. Sentences are occasionally reformatted (bullets, boldface emphasis, inconsequential brief elisions) for clarity.]
 

Every melodrama needs a villain, and OFHEO leaves no doubt at whom its finger points:
 

When Franklin […]

“I know it’s a scandal,” scowled the managing editor over his reading glasses, “but where’s the story?“
 

“Is there a part in it for a crusading editor?”
 

[Disclaimer: Fannie Mae conspicuously declined to comment at all on the OFHEO report, presumably instead reserving its defense for later litigation or other trials. In high school […]