Fannie regulator says scandal cost $30B

CNN reports:

Fannie Mae's $11 billion in accounting errors cost shareholders up to $30 billion, the acting director of the Office of Federal Housing Enterprise Oversight told a Senate panel on Thursday.

James Lockhart said his agency continues to find control problems at the mortgage finance company and that it will be many years before Fannie Mae (up $0.25 to $47.51, Charts) has the proper financial controls in place following an $11 billion accounting scandal.

Responding to questions from the Senate Banking Committee, Lockhart said he agreed with studies from the Federal Reserve that conclude that the investment activities of Fannie and its sibling government-sponsored enterprise Freddie Mac (down $0.81 to $56.77, Charts) provide little if any benefit to homebuyers.

Eat your heart out Enron.I guess Enron really didn't have the politicians bought like Fannie Mae.