Fannie Mae execs blaming competition for their irresponsible (and illegal) lending practices is really simply masking the real motivation behind it - greed. Now, I'm all for business, and even risky business practices have their place. However, where Fannie and Freddie were chartered for a particular purpose and received federal subsidies to meet that purpose, there's no excuse for their executives going so far off the deep end.
Though there's no excuse, there is, however, a reason: Barney Frank, Chris Dodd and the other Fannie Mae puppets in Congress who refused to rein in the mortgage behemoths. Why haven't they been called to testify before The Meltdown Commission?