Testifying with blatant honesty before the Senate Banking Committee, Fannie Mae's top executives said it will be years before the mortgage giant can recover from an accounting scandal.
Acting director of the Office of Federal Housing Enterprise Oversight James Lockhart, which issued a critical report of the government-charter lender last month, added in his testimony that he believes Fannie Mae is moving "disappointingly slow." And adding his voice to the choir, Securities and Exchange Commission Chairman Christopher Cox said the company's fading stock price had caused a fair about of concern among investors.
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