Whether Fannie Mae’s accounting reflected a deliberate violation of the rules—as the Office of Federal Housing Enterprise Oversight contends—or a difference of opinion among accountants—as Fannie argues—has become a matter of considerable importance and could be the determining factor in whether Fannie's current management retain their positions. Moreover, there is also a question of whether the resolution of these differences will result in a recognition that Fannie's capital has been seriously depleted and its earnings overstated, or a far less dramatic outcome. At this conference, four financial specialists who have made careful studies of Fannie’s accounting over the years will outline their views and attempt to bring some clarification to these issues.