Fannie Mae wastes little time rebuffing Berkowitz

|About: Fannie Mae (FNMA)|By:, SA News Editor

"I am confident that the Board is doing its job," says Fannie Mae (FNMA +3.3%) Chairman Phillip Laskawy, responding to Bruce Berkowitz's letter from yesterday demanding the GSEs begin retaining earnings to rebuild capital, and stop borrowing to pay voluntary dividends to Treasury.

"FHFA has retained certain authorities for its exclusive determination and control, as provided by federal statute, including all decisions relating to the declaration and payment of dividends to the United States Treasury.  Our Board and management will continue to perform their duties, as provided by federal statute and delegated by FHFA, diligently and to the best of their abilities," continues Laskawy in a long version of saying Fannie will continue to take orders from the government (Freddie Mac (FMCC +1.6%) too, no doubt).