Fannie Mae and Freddie Mac understated their exposure to subprime and reduced-documentation mortgages by 90%. Freddie disclosed $140 billion of their $901 billion exposure; Fannie disclosed just $73.7 billion of their $1.1 trillion exposure.
This might have been good to know as the federal government was deciding to give Fannie and Freddie a blank check.
Internet Scofflaw 