Long article (from 2005), but a lot of history:
The Fall of Fannie Mae
This is not your ordinary accounting fraud. Yes, there’s the matter of $9 billion in overstated earnings. But the fight over Fannie is a nasty political showdown where everyone has his own agenda. And it’s not over yet.
By BETHANY MCLEAN
January 24, 2005
(FORTUNE Magazine)
http://money.cnn.com/magazines/fortune/fortune_archive/2005/01/24/8234040/index.htm
I read that the troubled former Fannie Mae CEO, Franklin Raines, is one of Obambi’s top economic advisers.
I’ll look for a link for that.