Investor%27s Business Daily - Fannie Mae (OTCBB:FNMA.ob - News) and Freddie Mac (OTCBB:FMCC.ob - News), the gov%27t-backed mortgage agencies, could be replaced by a variety of organizational forms providing mortgage credit with less systemic risk, Federal Reserve Chairman Ben Bernanke said.

Reuters - It should be possible to create a U.S. housing finance system without the need for potentially risky entities like government-sponsored mortgage finance agencies Fannie Mae and Freddie Mac, Federal Reserve Chairman Ben Bernanke said.

AP - Fannie Mae is asking for less money from the government, a sign that the cost to taxpayers for bailing out the mortgage giant could be billions lower than once thought.

Reuters - The top Republican on the House Financial Services Committee called on Friday for an investigation into charges that mortgage finance giant Fannie Mae pushed borrowers into a mortgage aid program so it could receive incentive payments from the U.S. government.

AFP - Troubled mortgage firm Fannie Mae said Thursday it lost 3.1 billion dollars in its second quarter, far less than the whopping 13.1 billion dollars suffered in the first three months of the year.

AP - A House Republican is calling for a hearing into a former Fannie Mae employee%27s allegations that the mortgage giant fired her after she criticized how the company was running a government loan assistance program.

AP - TAXPAYER AID: Mortgage buyer Fannie Mae is asking for less money from the government, requesting $1.5 billion in assistance in a sign the taxpayer bill for bailing out the company could be billions lower than once thought.