Noted Bank Analyst Dick Bove Questions Fannie Mae "Fraud"

Amidst an increasing number of lawsuits against the government, analyst Dick Bove is questioning if stockholder fraud has occurred at Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA), which was placed into government conservatorship in 2008 and will be repaying the remainder of its outstanding government bailout within weeks.

“The government clearly believes that it is above the law because it rescued these two companies from bankruptcy,” Bove, vice president of financial sector research at Rafferty Capital Markets wrote in an investor letter Friday. “The courts may not believe that the government is immune to the laws,...