To the Editor:
Your recent profile on me [Fannie Mae CEO Poised for Fresh Onslaught, Wednesday] conflated two separate thoughts in a manner that would confuse the reader about the views I hold.
I am fully prepared to defend Fannie Mae against the ill-considered and anti-consumer efforts of the companies comprising the Coalition for Higher Mortgage Costs, who have organized to prevent Fannie Mae from fulfilling its mission.
However, I do not consider Richard Baker or any member of Congress to be our opponent. Indeed, the agreement reached with Rep. Baker last Oct. 19, in which Fannie Mae and Freddie Mac announced voluntary steps to improve our liquidity, transparency, and safety and soundness, is testament to our willingness and ability to work with members of Congress to relieve their concerns.
I expect to work with Rep. Baker as hard and as successfully this year as I did last year. To suggest otherwise constitutes a misrepresentation of the facts, and of what I said to your reporter.
Franklin D. Raines
Chairman and CEO
Fannie Mae Washington
Fannie Mae pointed out that the profile of Mr. Raines misstated Jamie Gorelicks title (she is vice chair) and mistakenly asserted that the company purchases only fixed-rate mortgages (it buys adjustables too). In addition, Fannie Mae joined the S&P 500 index 18 years after it listed with the New York Stock Exchange (the accompanying table misstated the chronology).
Finally, an editing error rendered the final quotation from Mr. Raines ungrammatical. In fact he said, Anyone who thinks that trying to intimidate us would be productive I think would be making a mistake.
We regret the errors.