Created by the federal government during the Great Depression, Fannie Mae became a Washington powerhouse: a highly profitable, private company, protected by the government and boasting huge lobbying clout. But today, Fannie Mae has essentially become a ward of the state.
Credit Chris Arnold / NPR
While Fannie Mae's public image has been tarnished since the housing collapse, executive Kimberly Johnson says she actually likes "being at the center of the storm."
The collapse of the housing market has led to plenty of finger-pointing in Washington. Two easy targets are Fannie Mae and Freddie Mac.
These government-backed mortgage giants had to be rescued by taxpayers and now owe the government $188 billion. Still, Fannie and Freddie, which currently make the vast majority of home loans possible, are crucial to supporting the housing market right now.
Framed in my library is a sketch that LeRoy Neiman dashed off of me on the back of a menu, when he was watching me speak several years ago. LeRoy, who died the other day, was somewhat better known for another sketch, the "nymphette" that has appeared in Playboy since 1955 — but, of course, he's ever famous for simply being our most celebrated sports artist.
When the $500 million development is finished in October, it will have more slot machines than either the MGM Grand or Bellagio in Las Vegas. But gaming in the North East region, which includes Delaware, West Virginia, Pennsylvania and Atlantic City, might be outgrowing its customer base.
It's MORNING EDITION from NPR News. I'm Steve Inskeep.
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And I'm Renee Montagne.
News junkies yesterday had one of those classic moments involving the Supreme Court. The High Court ruled on Arizona's immigration law.
INSKEEP: And there was a period of frantic uncertainty as reporters and analysts tried to figure out what the ruling meant. Now it is clear the Court has given a mixed verdict to Arizona's law, casting doubt on copycat laws in other states.