Fannie Mae and Freddie Mac are each spending hundreds of millions of dollars in their respective restatement efforts, while the dozen Federal Home Loan Banks are spending substantial – if as yet unspecified – sums themselves. In fact, Fannie is expecting to spend in excess of $560 million just for full-year 2005. At that rate, Fannie’s total restatement expenditures could single-handedly breach the $1 billion threshold by the time the effort is done.