Fannie Mae's recent 10-K annual report filing with the Securities and Exchange Commission showed losses on derivatives of approximately $7 billion, a very large loss, but considerably less than press speculation. But the 10-K filing did not entirely put to rest the many questions about Fannie's accounting and whether the company’s capital position exceeds regulatory minimums. At this conference, two analysts who have followed Fannie's accounting closely over the last year will outline their perspective.