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"Here we just value balance a lot more.
Fannie Mae provides a fair value balance sheet only once a year.
Still, some banks and insurance companies have resisted providing fair value balance sheets, arguing that it can be misleading.
Mr. Baumann said the fair value balance sheet is one of the most important measures of the company's health.
Fair value balance sheets give investors the market prices of all of a company's assets and debts, including its derivative positions.
Chuck Greener, a spokesman for Fannie Mae, said Fannie Mae would not promise to provide its fair value balance sheet each quarter, although he said the company would consider doing so if investors requested it.
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In arguing that Fannie Mae had large losses last year, Mr. Kam and others are relying on the fair-value balance sheet, which gives a once-a-year picture of the company's assets and debts, calculated as of Dec. 31.
But the money managers argue that Fannie Mae's fair-value balance sheet, a short statement that offers a once-a-year snapshot of the market values of all the company's assets and debts, presents a more accurate picture at its earnings than its cheery income statement.
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