The "he-said she-said" debate over increasing government sponsored enterprise debt and potential risks to the economy has heated up once again. FM Watch, a lobbying group that monitors the GSEs, and Fannie Mae have traded statistics-laden reports to portray a threat that does or doesn't exist, depending upon who's talking.

Fannie Mae's vice president of corporate relations, David Jeffers, said that its report, which countered a report issued by FM Watch days earlier, was not so much a direct response to FM Watch's report but an opportunity to shed light on all constituencies concerned with Fannie Mae's growth. "We've certainly fired back at FM Watch; it didn't really feel like that as much this time," he said. "It was more like, this is in response to all their phony mumbo-jumbo, but it's also time to set the record straight."

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