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Fannie Mae whistleblower Roger Barnes, in the following report collapses the entire accounting scandal into one sentence:

"The FNMA director responsible for modeling, reporting
and accounting for purchase premia/discount amortization, Jeffrey ...Juliane indicated that he was prepared to generate any results desired..."

http://financialservices.house.gov/media/pdf/100604rb.pdf.

This and other nuggets recently perused confirms my worst suspicions and provides hard evidence that nothing generated by any of Fannie's models can be trusted. Fannie Mae also appears to be a pioneer in the use of 'negative amortization'.
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