(2003-10-30) — Fannie Mae’s Washington, D.C., home at 3900 Wisconsin Avenue, NW, was repossessed this morning by her mortgage lender after a series of accounting blunders ruined her credit.
A spokesman for the mortgage holder said, “We would do the same thing to anyone who made a $1 billion mistake. Fannie Mae’s home has become a high-risk loan, so we called the loan, but Fannie wasn’t sure she had enough money to pay it off, so we did the repo.”
Fannie Mae provides a secondary market for mortgages, buying loans from mortgage lenders and selling them to investors to free up money for additional home loans.
“She says she’s ‘in the American dream business’,” the spokesman added. “But she can’t seem manage her own household.”
Democrats in Congress have already introduced legislation to provide housing for Fannie Mae, along with several billion dollars “just until she gets through this rough spot in her life.”

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