JFIFHHPhotoshop 3.08BIMFANNIE FREDDIE SENATEF 1678036  Financial  WIRES 720040225PChris KleponisZWashington D.C.eUSAg0402270245020108nBloomberg NewsxTO FILE: Franklin D. Raines, chairman and CEO of Fannie Mae, speaks during a hearing of the Senate Committee on Banking , Housing and Urban Affairs in Washington D.C. on February 25, 2004. Testifying alongside Freddie Mac CEO Richard Syron, the pair said that Freddie Mac and Fannie Mae should be allowed to continue their rapid growth because doing otherwise would increase costs for homebuyers. Photographer: Chris Kleponis/Bloomberg News. ORG XMIT: BUDGET 2/25/04zDA8BIM%mliĚl M8BIM8BIM&?8BIM x8BIM8BIM 8BIM 8BIM' 8BIMH/fflff/ff2Z5-8BIMp8BIM@@8BIM8BIM]d022504 Sen Banking 2dnullboundsObjcRct1Top longLeftlongBtomlongRghtlongdslicesVlLsObjcslicesliceIDlonggroupIDlongoriginenum ESliceOrigin autoGeneratedTypeenum ESliceTypeImg boundsObjcRct1Top longLeftlongBtomlongRghtlongdurlTEXTnullTEXTMsgeTEXTaltTagTEXTcellTextIsHTMLboolcellTextTEXT horzAlignenumESliceHorzAligndefault vertAlignenumESliceVertAligndefault bgColorTypeenumESliceBGColorTypeNone topOutsetlong leftOutsetlong bottomOutsetlong rightOutsetlong8BIM8BIM8BIM /qJFIFHH Adobe_CMAdobed            q"?   3!1AQa"q2B#$Rb34rC%Scs5&DTdE£t6UeuF'Vfv7GWgw5!1AQaq"2B#R3$brCScs4%&5DTdEU6teuFVfv'7GWgw ?g}7mj{Jj3GL(֏Tp~e.WH%HKa#pcF5Y^nj揱 cdPj-czV?fe}S`6dZaUOnNI~ 89MZ<¶ ^SuqcKĺIyvǻkF9#h\>|VN?pxT5DleO Iȯ%|}t_?aA>=>e\H=j,aTYw?[TIٿVhy~wϨZ/ςv-'K|Uў=R%&2:{T0G>,j2o[RW-^*k 89Z3t}{Z@wGSӛf}E5h?M{96WXƳ%ApO^\ޗC@aZϾ j7׻imszU81χh$DIL\+zO*sٶ@=ZᆱknޥS2jtn:ͮޛ_U:c~V=3kaOkvFWDu~tftثko~Cv}O mokC4 ]_Q"Γ}Tm̰mvkwNd\KIR XG7| ] ݆,oߗsAeV(?hk$C&0DZvQK52:= O}W9q|.]TrNf77V{n:\ױ-kw!r]c`upZ .^w54b ܍tCFP1XY[[ k2_S]kj!F絑c}Meh /ޛ>[,u~hcH0D$mu_ZjWtMǨa}ѱu{w4q?vu~׉?yN X TPˋٳ ߺ k&hGE 4F@lpm j,#;沺魎0{mi5@ 6UeCf`e[Q{C:ŭ~݈:[su{Дu 'IGBu\ ic}{L\ʇc?¬@Mah+e;@u\ ٖ\A!!GJ I6u $uMӯ或BwaMӷhPԓ=pk Ƭ쿪,w[XG^VCJ֓?wDQ$;SdHHד~SF"f=YPa`. ue> _ ?F6e8ն˵X$1r{CTc "UIc68}uwX&Fsmx}JYOz~_n,<ԿSڭs3ƴX0dQ 꺬Zk [#kOQFgIvl` b=*#)櫴mxkw,~pR4iInMGr׊q@n?Qewm4>?5tB[~rn[ւa}[ gJ?B<^9xa:3VA[h5YLW=Jl\-KylE_G߸ח}m7DӶu{T^ؔte2b 6˾uͯmxX5k:nFe$hI:%h_umޝûB|ۊGZ`x圸#iq#O&]b-4ϽI]VEffGb]0m^OKI?U쵵5mcDp5K3a-rHiߣWOgMN}ɭΒ'y?WVV9pз67ZApSӽ! c{qλ znpkcI?o{w)}lOa7mmiCuȷwKms[ uyc#[>n{ߢ"lnIyqP[T<4)UNshnc*=yiXǵݹgurjn=uznֆ~oţvC[fIy氪:k۳̏?YOpZGpRRIU aip dƑTu?ewZ  B>=fʋ $9^Sc8w͍й޳6n_zG[=ѾJ,ZT˲r_5mv[;5ޒd<c[as Z;1~ߢ+.|YWisp1鵜VAN}gUO!40dkoeЁ匦GFv[L{h'E;TCN6cQvߣ_R/ z/J-qŴ4;=f懷k<ǷМ\0GQp־2>}M${ߴb~eU#Oȥ{ bPGlgC˳:{F?]7vtO]mK>m})P 3'~FSѧ$hvNݿ5.\g <+ݏYpLna;^-AN.Q˩1X_z@]7/1֭R`,5ws9AF+g#o>' IKK֎sK|t@hA4ҟ,Hp {ulg8ޟfض~V/n-XښvM?5@ʨz^{H:hᵿ!a2GɾR;4$~'wmsIUA](;=3y @<̕k^}fNs6uۋqm9 u\Iڮh;?Wn[U>H@6>׵{6%z^_.2fT}vd[SQr2jtUӯX#}nYsSzhv-8l`2ZaA4, CKɒ6tƟ99ۙhZIԨ!eѤI)ؙ8IM*U,gY;CcI!tCIsZ(*ιx#n}}&Kh#vm]?_ӺėA E;L Ʉ8 }̎n-:k;Ao .h5d;nYy{zC;?3~ uZOEM. O+{K6(^z;߳k169n6Axy8?!kO//?VoQgⵅB?Kg}/CGU29ne-]ؕ;t C|Qc'E$JU!WIM4E!3gZ.oI~>{ѿJ7|Kw>3#韚>~_+A}UŋvW)o8BIM!UAdobe PhotoshopAdobe Photoshop 7.08BIMExifMM*Un(12i(Franklin D. Raines, Chairman and CEO, Fannie Mae appears at a hearing of the Senate Committee on Banking , Housing and Urban Affairs, in Washington, Dc, February 25, 2004. The hearing was held to discuss proposals for improving the regulation of the government sponsored enterprises in the area of housing. Bloomberg Photo by Chris KleponisAdobe Photoshop 7.02004:02:25 17:17:33dv~(HHJFIFHH Adobe_CMAdobed            q"?   3!1AQa"q2B#$Rb34rC%Scs5&DTdE£t6UeuF'Vfv7GWgw5!1AQaq"2B#R3$brCScs4%&5DTdEU6teuFVfv'7GWgw ?g}7mj{Jj3GL(֏Tp~e.WH%HKa#pcF5Y^nj揱 cdPj-czV?fe}S`6dZaUOnNI~ 89MZ<¶ ^SuqcKĺIyvǻkF9#h\>|VN?pxT5DleO Iȯ%|}t_?aA>=>e\H=j,aTYw?[TIٿVhy~wϨZ/ςv-'K|Uў=R%&2:{T0G>,j2o[RW-^*k 89Z3t}{Z@wGSӛf}E5h?M{96WXƳ%ApO^\ޗC@aZϾ j7׻imszU81χh$DIL\+zO*sٶ@=ZᆱknޥS2jtn:ͮޛ_U:c~V=3kaOkvFWDu~tftثko~Cv}O mokC4 ]_Q"Γ}Tm̰mvkwNd\KIR XG7| ] ݆,oߗsAeV(?hk$C&0DZvQK52:= O}W9q|.]TrNf77V{n:\ױ-kw!r]c`upZ .^w54b ܍tCFP1XY[[ k2_S]kj!F絑c}Meh /ޛ>[,u~hcH0D$mu_ZjWtMǨa}ѱu{w4q?vu~׉?yN X TPˋٳ ߺ k&hGE 4F@lpm j,#;沺魎0{mi5@ 6UeCf`e[Q{C:ŭ~݈:[su{Дu 'IGBu\ ic}{L\ʇc?¬@Mah+e;@u\ ٖ\A!!GJ I6u $uMӯ或BwaMӷhPԓ=pk Ƭ쿪,w[XG^VCJ֓?wDQ$;SdHHד~SF"f=YPa`. ue> _ ?F6e8ն˵X$1r{CTc "UIc68}uwX&Fsmx}JYOz~_n,<ԿSڭs3ƴX0dQ 꺬Zk [#kOQFgIvl` b=*#)櫴mxkw,~pR4iInMGr׊q@n?Qewm4>?5tB[~rn[ւa}[ gJ?B<^9xa:3VA[h5YLW=Jl\-KylE_G߸ח}m7DӶu{T^ؔte2b 6˾uͯmxX5k:nFe$hI:%h_umޝûB|ۊGZ`x圸#iq#O&]b-4ϽI]VEffGb]0m^OKI?U쵵5mcDp5K3a-rHiߣWOgMN}ɭΒ'y?WVV9pз67ZApSӽ! c{qλ znpkcI?o{w)}lOa7mmiCuȷwKms[ uyc#[>n{ߢ"lnIyqP[T<4)UNshnc*=yiXǵݹgurjn=uznֆ~oţvC[fIy氪:k۳̏?YOpZGpRRIU aip dƑTu?ewZ  B>=fʋ $9^Sc8w͍й޳6n_zG[=ѾJ,ZT˲r_5mv[;5ޒd<c[as Z;1~ߢ+.|YWisp1鵜VAN}gUO!40dkoeЁ匦GFv[L{h'E;TCN6cQvߣ_R/ z/J-qŴ4;=f懷k<ǷМ\0GQp־2>}M${ߴb~eU#Oȥ{ bPGlgC˳:{F?]7vtO]mK>m})P 3'~FSѧ$hvNݿ5.\g <+ݏYpLna;^-AN.Q˩1X_z@]7/1֭R`,5ws9AF+g#o>' IKK֎sK|t@hA4ҟ,Hp {ulg8ޟfض~V/n-XښvM?5@ʨz^{H:hᵿ!a2GɾR;4$~'wmsIUA](;=3y @<̕k^}fNs6uۋqm9 u\Iڮh;?Wn[U>H@6>׵{6%z^_.2fT}vd[SQr2jtUӯX#}nYsSzhv-8l`2ZaA4, CKɒ6tƟ99ۙhZIԨ!eѤI)ؙ8IM*U,gY;CcI!tCIsZ(*ιx#n}}&Kh#vm]?_ӺėA E;L Ʉ8 }̎n-:k;Ao .h5d;nYy{zC;?3~ uZOEM. O+{K6(^z;߳k169n6Axy8?!kO//?VoQgⵅB?Kg}/CGU29ne-]ؕ;t C|Qc'E$JU!WIM4E!3gZ.oI~>{ѿJ7|Kw>3#韚>~_+A}UŋvW)ohttp://ns.adobe.com/xap/1.0/ adobe:docid:photoshop:a902c710-67dc-11d8-93c0-e5a308ed578b Franklin D. Raines, Chairman and CEO, Fannie Mae appears at a hearing of the Senate Committee on Banking , Housing and Urban Affairs, in Washington, Dc, February 25, 2004. The hearing was held to discuss proposals for improving the regulation of the government sponsored enterprises in the area of housing. Bloomberg Photo by Chris Kleponis C  !"$"$C" V  !1AQa"q#2Bb3Rr $%45SDcsu&6Wd5!1A"Q2aqBR#$34C ?w99kvq.[BU͝1dQ;~[ӋRkRI5?a FS,[WA$gse]琥A#7Y'١"(;N8֒_wV4-EB:dhw\|*.w,~Hr6FyxKr{{kGn[”|{?z+oN:PkT 9hnR@$#8U$^M z%`a=*1RgG Zv- sĂi:CjT @hrR qڬi;۰3ޯN sV#=NFYU֪C.mE<`/ϼ_NH M>Ikjמ"m1iR` ~c%UԽIYx5&!q.c0[s*iJz®Ƥ5v X۷1fIVs~ M3b1nKj?U(F?#u wO,~iIDsm89VWKVWf] #?T+Ɣ3 zW#au֧Н0\"{N'Uk~}V]amiqJQy:OS5f÷'^.RR7(`g&JRAP95Шq2)>'>mE3%JF\A3}jzKl%$xJAi@y-Z"CO{T^9}FGff. uim[K #AU8:A-v5!p|~ili&{:2&j4?kdO5!MW,ϕc=c&g=#UէHQZg:ߤx? T?ɠrq =k|k0D_VW_XVWݘ*kO_4L+v=eSI$THtHް1I.c0)a gʙ, mU y6UL[V YAfmN@ui*_5 Qz{r5Bz IZa!\`zP5q=1%Dq/e)HKU4bs o#«q.T=Cf OK+q|3NӴ sdب{וig EZdY1[/V2H QSl d{^*5ĉMCjVB $҄Xw&f&DJ!}䗔9Z$~x@b XdJr1QaJJQ? 1reZ$/Ŷ~5:YiVB׸柾.)#DFޣלPM1ABJtZ甗#I=2c*u&%-ĦJO}$,qNk_[hc>(iϒPհMa ( y˥/TfUԇZiU$cMh@C [UYr6DLkq$trងOvi UZV9 i jRLߺ3SަmE}i#dQsak\յ֠#rHJgr*i_c(d@8ou$+'k^Τͻ ao<|kX<05b4Y^vb*IF_4ԂgҒA+ƗZBJY_:I)8iii"CxR`Fs\${ҙI d\gRp@J5PRoVʈ*jMă9`Jj!)C G\u{m/2에&!r{၊}{0_am{W(acbS"Mݯ3֍f|' s2o4ssUՂFA'5!ZY֘vT *1NWxAIN0_Z'j%Z2Knގ﶑ڵ g bDd8SGÑR=H]o3 21MfW~ $qBBqϙ G`(jʉlaH')QY.I4Tx9MmA>~5%5}S2)ܵc#>B#9 PqZ\*!r㹂 QFHyI9 Gwԇ6NdLnN 9t>4[r ;PJԬ$+jmͶĪS][J^ @:qi;fb=8\pq@u`u1=*l4'S0`|YZQEV5c4ꋃAyڤ' 4>j.R4{$}*5o#X IPY|R\u#p-tlRP9Nk2ɏYH*QiB" ԧ²NVb\0 )4xOOƺGӛyuž^&1KH jZ QiNKZe9JC¶v5ej+e%ڢR:*VS`cӖMPf;Wm= |* \aZbѨ!,8'Xk d͍BQ ǞJ-Gx~TWMlPz|/V|UڢeMrŵ"D` mdikAg h'+:~Pe\LHak>GW=Ej/Ě Rx_k9th CspE<=;Gmlo ;A@s:e Q2bVĸ$C ֙5\jE{DN)䁀@ϩ^7I3㺄ym룤mELGR!Q\%[=.wr>5*v䛦!0\H@#ʧ>@ZP݆ꋾF cyQْ%VٖPmT3\]39-_:, xu4(q\WZ+yz_mW-ȓm$\ҒӅ\;J<Ɠk+KE58vk{m!(R 9MܖXˍ[H;whcBaLrR]Hm%*?~OKkX%uaB,sH#ϭ/"FޡQln׳ JK׸)H>?:zbuTl*[, \83Yï#?ΤДBzeTmN<ձq Hc {QmQlcp Fю k;pCqJ@ZN2;A-}oT,r$ ŰR'=N,iPHVLӟVm3}TҸQQL`QN-6Mڥg=>5k1cVW4Ҝ8q:Sc-8xRrdKݓiWb' dAWuOHvw+Ih 6$GYvkZNG# V,oXIn֦Qz! :9q,rVc1<츓ZXp6x5R #?/1n˶p%םUFӰpo=jvmzkU5n}Ya2"H N2}ԩ>D`#֏շ;qE2RUiOl4 ]Mq\2i@aԀF}qYkk69={Uւ9əJ^T[bP)Bnoic ?:Z̴T1NkpI>s^eNdF>)ׄbgIWuICaKs"ʌ;U׆R+ݺL(yFR-K蒾~`SͮW4h=, MK'@<͵]~,tq4EسX,H!$pǞjEM&Q6.=ںonjzlKEP+TD)ia8q+ Dx=ig: /]Z1'zéC#hax#ʙr+Os$nB= mޯo+[`#WFlpgN>"f]̄JayBObI4=OI[ }0:|EP$*Nqk(kr `k/B!cY^@1Q՜OήҒiEMXS(^Sℴ$h1AWN]Yx#=4*'IRv\aP:]"au)܈nCOZ|ĞTgGrJyɧo" ]ra QBY' cք >w!N>{"QӚnGnmRC[J~[+f阫!('iYשL9 ?f#xѶċm HH+ YY_$MD Ք!EaoQ.MH)۸|鵇=pzчl{F*~oGBe`w"[c.~j‡*<5/х3?wnc Jٞk.%fϽOi-Mn r^L8#Xs#Ҥ4V2 P:vYK{]ݭ-ZWs? >^GY[ZyZqKnö).m*QԚ0<ќ]\{yGgN=qQ{lSeN>PqIJ~a!_1N_fHK-l40Vr >Toeaۂ!GnW=ܯD"$7s-'*,u%cR@%h} a}(nۣ\sj,K Co6ARpdZj3۬ͮRhx|Ler:R4څף P\ۤvBSS  @9*<BӐw$5Js9.(%r{ˋs*RU({@PI=+ל g+:h"x$cҵ# 2i xiBВH愎dͬYM-Ɨ羅>B.Q-u9:uA[N7H^UN(V~T yU)GtX8f{gbPUjv[LK1@t9Ԃ}*uI+xV$6ې'a8tm5J,d +J =TI&Tan%@ cT=84:rQ\؇E|R~t""7}ۭ9$0}G\|ϴVZ:ǚ,#chhpf4j9V0?B?xvaM9pc+!9A>i>LjBqME' 3ݑVuiZcaF ].Ku_8PBP9Uus3F_iq'l;Z!UH\i3; *T;ܑX?5g].w~@ 2FS$YֻoDMg ,mIjZ[JJHldE9)/$dA>C^WԋjjRCQـ2ğ:!i`Ës2A-IZ r7Fqq ^g'^t ;j#ׅs*t&r -MPUW];\˾5 1*o׽C<2k+^c904t ٥ #½umЇVڔqNGH\%t4p%^4N3n GiC=GR+Oݥ}%#gz|*HtvjKۃ~TT,K'$$Ci5yW!N>0\W)+R*'V Ǘ}0=+]< )++&mX4mUG1FQ@,~'R@B@N=׶ _>?]IϳB645/deJ <Or֓m25  BB5g!-*%}_Vݷ̘~^)](P!JP yWekz_µo׆YqPP[:v: IIy?*&JΧA*^}7uFzJ撷4A*rAR[Zrۄ!ޞi[lǠ?_4n"j[rP´zRFP(( VxTz',[*eS`ܴe%kh+wtW׀\*~A*2- xݹ%o)+N}7ӝ Vܖ@8RZxw#-CMFseJ3|S᤾:yZOƹiS6Lf;A8.'i Tm6eվl6_!ă]!Lxq[@HCwuFAi@eA8ٟ q#"lr#bKW JxV+S[hHʉM6:Ε!ZcO$hٖ[Tx\pTv }Ʋ}irbi޺Eύ`nÜtjq,=ڙ!PLyJag؅wMLMَHa|!ҍ{!/xFܛq sv~inzݶ8+VQT6;VqCpsR;j8r!h'{PnC)<<ȁtqya*#0jk룗mz8*s΃g9NDFLXI'&3+< P NzdyD$4㊬ [ԝ[gn?I>'5-۴]#wswJ?5^E $.lRUNdb81AUZnД^,}x9D#{sBр9#*lɏ)՟xBߍ5>'g^ ׷ a~CIБ4474ĴCZI2AWV.:B@$s+iq)Wt׆]p$SR[h+vopbe$4XHPs OpOJRFOP7tN\EC1֔/;LgDi9.jj'|{ ]ݸ6pjQsֳu">8 I}OPj=04U v9^sN,`$7# tv!M!%6F['p<𬨳U:lϲ1iS[e ^ P8pֲ 0]\Kˆ(]%74y隍֌8xgU;4I-{\/ ;LV'HZUI'ShkJ(PRRzOcP+yZi((g5Lɜ.rx U-Sk#4*$=AJ٥]xkq>O2ݟ-B6r3Θgioks g$/69J<ґ5+}뎶6Nw,IDڵM_2K97_mKI( aYۜ:}067jlָ^y NݣIJ|5_zSQ6>e)[Rt3I dcNG>wK M[Z\FRyy2CtRﺦd\wD~Yqiib=puZ)^i:v Qu;Xe^d <[U.R i>v5IzR[c's%.  1C 3tm/H%>7P()} sԗԿnz0Rj+>Kd 1+\a!wq>5ΤyOk=U;)Ľ% h%J8';km F9 ҶhA5.+0˭䭑*_e !=~23f3sǗ5EF8:yCu?xUi4U*ԣi'v-*MHS=in 3&ټ\'$E+rIl@ &1ٮats jVJJOOP} t5XvY[J Ie6m`!n'oO1ni“UT}!n?_%e L; p$wC8<QcBOtqFi];ԗQ*GjKݍk.!'c5\o5h״°:qcZx(h0 ;EREH_Ѻ;ggnќ@IGEw6 sb H