Fannie Mae 2005 Annual Report Download - page 33

In addition, the House bill would require us and Freddie Mac to contribute an amount equal to 1.2 basis points
of our average total mortgage portfolios (including whole loans and securitized obligations, whether held in
portfolio or sold in any form) to a fund to support affordable housing that would be managed by the new GSE
regulator.
As of the date of this filing, the only GSE reform bill that has been introduced in the Senate is S. 1100, co-
sponsored by four Republican members of the Senate Committee on Banking, Housing, and Urban Affairs.
This bill is substantially similar to a bill that was approved by the Committee in July 2005, and differs from
the House bill in a number of respects. It is expected that the Democratic Chairman of the Committee will
bring his own version of GSE reform legislation to the Committee, but the timing is uncertain. Further, we
cannot predict the content of any Senate bill that may be introduced or its prospects for Committee approval
or passage by the full Senate.
Even if bills for GSE regulatory oversight reform are passed by both the House and the Senate, the specific
provisions of any legislation of this type, as well as the timing for enactment of such legislation, are uncertain.
We support any legislation that would improve our effectiveness in increasing liquidity and lowering the cost
of borrowing in the mortgage market and, as a result, expanding access to housing and increasing opportunities
for homeownership.
As Fannie Mae has testified before Congress, we continue to support legislation that would:
• create a single independent, well-funded regulator that combines safety and soundness supervision with
authority over our mission;
• provide the regulator with bank-like regulatory authority to adjust capital levels and on-balance sheet
activities, to the extent needed to ensure safe and sound operations;
• provide the regulator with bank-like supervisory authorities, including “prompt corrective action” powers
and authority over our activities;
• provide a structure for housing goals that includes an affordable housing fund administered by the GSEs
that strengthens our housing and liquidity mission.
It is possible, however, that the enactment of legislation could have a material adverse effect on our earnings
and the prospects for our business. Refer to “Item 1A—Risk Factors” for a description of how the changes in
the regulation of our business contemplated by these GSE reform bills or other legislative proposals could
materially adversely affect our business and earnings.
EMPLOYEES
As of December 31, 2005, we employed approximately 5,600 personnel, including full-time and part-time
employees, term employees and employees on leave. During 2005 and 2006, we increased the number of our
employees, both as part of significantly improving our accounting practices, risk management, internal controls
and corporate governance, and as appropriate to complete the restatement of our previously issued consolidated
financial statements. As of March 31, 2007, we employed approximately 6,600 personnel, including full-time
and part-time employees, term employees and employees on leave.
WHERE YOU CAN FIND ADDITIONAL INFORMATION
We file reports, proxy statements and other information with the SEC. We make available free of charge
through our Web site our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on
Form 8-K and all other SEC reports and amendments to those reports as soon as reasonably practicable after
we electronically file the material with, or furnish it to, the SEC. Our Web site address is www.fanniemae.com.
Materials that we file with the SEC are also available from the SEC’s Web site, www.sec.gov. In addition,
these materials may be inspected, without charge, and copies may be obtained at prescribed rates, at the SEC’s
Public Reference Room at 100 F Street, NE, Room 1580, Washington, DC 20549. You may obtain information
on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. You may also request
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