Baker Sets Fannie Hearing

House Financial Services subcommittee chairman Richard Baker, R-La., has scheduled an Oct. 6 hearing that will focus on the Office of Federal Housing Enterprise Oversight's report on Fannie Mae accounting problems."The outrageous conduct outlined in OFHEO's report suggests that for too long Fannie Mae has acted as if it were somehow above the law while arrogantly flouting all accountability to Congress, and that must come to an end," Rep. Baker said. On Sept. 24, Rep. Baker released portions of a letter from OFHEO that shows the regulator had to issue subpoenas to get Fannie to comply with requests for documents and for on-the-record interviews with employees. "Where we have not been satisfied with Fannie's efforts to comply with the subpoenas, we have referred the matter to the Justice Department for enforcement in the courts," the Sept. 9 letter from OFHEO Director Armando Falcon Jr. says.