A new research report released during the Republican National Convention blames the Bush administration for the lackluster performance of Fannie Mae's stock price.The Bernstein Research report notes that over the past five years Fannie's earnings have grown 18%, versus 4% for the Standard & Poor's 500, "yet its share price is virtually unchanged." The report says, "This disappointing investment performance in the face of stellar fundamental results has been due to the Bush administration's advocacy of policies which would restrict the GSEs' growth." Penned by analysts Jonathan Gray and Adam Weinrich, the report predicts that if Sen. John Kerry, D-Mass., becomes president there could be a "surge" in Fannie's share price. Recent polls show the election is a virtual dead heat.

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