A pending rule regarding securitization deals has officials at Fannie Mae seriously concerned that the GSE could find itself undercapitalized unless the current draft is amended. As a response to accounting abuses uncovered by the collapse of Enron, the Financial Accounting Standards Board decided to tighten its policies regarding qualifying special-purpose entities – or SPEs. Under current rules, Fannie and Freddie do not have to consolidate the mortgage-backed securities they guarantee on their financial