WASHINGTON - Fannie Mae has started a Web site to monitor and poke fun at FM Watch, a trade group formed in June to keep Fannie Mae and Freddie Mac confined to a narrow role in the secondary mortgage market.The site, FM Watch-Observer, made its debut last month and shows a Fannie Mae employee holding a pair of binoculars. The site calls itself a forum for "plucky Fannie Mae employees" to speak out about FM Watch.

It was started by young Fannie employees "outraged" about FM Watch, a Fannie spokesman said.

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