Fannie Mae Wins Patent On Greenhouse Credits

WASHINGTON - Fannie Mae was awarded a patent for a system to trade greenhouse gas-reduction credits earned by homeowners, securing a foothold in a $22-billion market, while raising concerns that the government-chartered company is overstepping its mission. Granting of the new patent comes just weeks after the secondary mortgage market giant raised major controversy with a patent covering computer software that matches borrowers with the best mortgage. Former Chief Executive Franklin Raines is listed in the patent as an inventor of a system for verifying cuts in household emissions of carbon dioxide and other greenhouse gases. The patent, held jointly with a subsidiary of New York-based Cantor Fitzgerald LP, gives Fannie Mae proprietary control over a method for pooling and selling credits to companies that can't meet emission reduction targets. (c) 2006 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com