Dear OFHEO:

A simple yes or no answer to a simple question. Does Fannie Mae invest directly or indirectly in new housing developments? If it does not, then I see no problems, as long as arm's length transactions are part and parcel of the operation. If it does, then the possibility of manipulation, conflict of interest, and all other forms of financial shenanigans which may attend such an arrangement, should be thoroughly investigated and examined to ensure the public interest is being protected.