Is there an echo in the room?

In an effort to break the logjam in mortgage refinancing and allow homeowners to take advantage of record low rates, Fannie Mae (FNM) is bending the rules - dropping credit-score requirements, ignoring income-documentation standards, and waiving the need for appraisals. A Fannie Mae spokesman said the program "will streamline" refinancing "for potentially millions of current mortgage holders." Fanny Mae loosens the rules