Defiant Franklin Raines

The House oversight committee keeps trying to extract a satisfactory mea culpa from the four assembled former heads of Fannie and Freddie, and this time, they've pushed Frank Raines too far.

Responding to an assertion from a panel member that he has not been held accountable for the Fannie troubles that contributed to the subprime crisis, the usually measured Raines got his back up.

"It is unfair to say that I have not been held accountable for what happened to Fannie Mae when I was there," Raines said, forcefully, listing a number of unpleasant things that have happened to him, including having "40 percent of my compensation clawed back."

Raines's testimony comes in a binder. His statement is 19 pages long, including 49 footnotes. It also has 24 exhibits, bringing his total testimony to about 250 pages, The Post's Zach Goldfarb reports.

-- Frank Ahrens
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