BUSINESS
03/25/2009 02:05 pm ET Updated May 25, 2011

Fannie, Freddie Hearings: Looking For A Scapegoat

As finger-pointing escalated in Washington in the search for blame for the housing crisis, at least one ousted mortgage official in the cross hairs says it wasn't his fault.

Franklin Raines, booted nearly four years ago as chief of mortgage finance giant Fannie Mae, defended himself and his former agency at a congressional hearing yesterday.

"Fannie Mae did not cause the current crisis," Raines told the House Oversight and Government Reform Committee.

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