WHEN A fresh WALL STREET Journal e...

WHEN A fresh WALL STREET Journal editorial titled "Fannie Mae Enron" moveed that Fannie Mae puts taxpayer wealth at risk, mortgage industry lobbying form into groups FM Watch couldn't have agreed more. Underwritten according to banking associations and lenders, FM Watch aims to set a tourniquet on the $106 billion transfusion of regulation subsidy that Fannie gets each year and stir all those lucrative housing mortgages into the private sector.

"Our goal is not to come by rid of Fannie Mae," says Jonathan Grossman, a consultant with the Washington-based FM Watch. "What we want is satiated ...