Ex-Fannie Mae execs defend track record

[AROCES]

By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer – Fri Apr 9, 1:55 pm ET WASHINGTON – Two former Fannie Mae executives said Friday that competitive pressures, combined with the political goal of increasing home ownership, were to blame for the company's decision to back riskier mortgages that fueled the housing bubble.

Daniel Mudd, Fannie Mae's former chief executive, and Robert Levin, the company's former chief business officer, testified before a panel examining the roots of the financial crisis. Both executives left Fannie Mae after it was seized by regulators in fall 2008.

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