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With each new month, more bad news piles up about Freddie Mac and Fannie Mae, the two government-chartered, but publicly traded, mortgage finance companies. In January, Freddie reported that it expects a more than $1 billion loss in the second half of 2006. In a December filing with the Securities and Exchange Commission, Fannie Mae released its final report of after-tax loss in earnings in the amount of $7.9 billion for fiscal year 2002 through fiscal year 2004. And, notwithstanding the progress that Fannie has made in filing its financial statements, Standard & Poor’s has recently found pervasive deficiencies in Fannie’s internal controls.

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