Fannie Mae acquired $51.1 billion in loans during January, its weakest purchase month since June of last year.According to company figures, its portfolio holdings also slipped during the month -- to $725.3 billion, a 3% decline from the previous month's level. However, compared with the level recorded in January of last year, Fannie's portfolio has fallen by a stunning 19%. The company is working its way through an $11 billion earnings restatement scandal. Currently, Congress is weighing legislation to create a tougher regulator for Fannie Mae and its rival government-sponsored enterprise, Freddie Mac. A key sticking point in the bill is the size of their portfolios. The White House and the Treasury Department are in favor of shrinkage, but Democrats and some Republicans in Congress are against it.

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