Both suits, seeking class-action status, were filed in federal court in New York City. One is on behalf of investors who bought Fannie's common stock between Jan. 13, 2000, and Sept. 22, 2004. The other represents investors who bought the stock between Oct. 16, 2003, and Sept. 22, 2004.

On Sept. 22, Fannie Mae's federal regulator issued a highly critical report about the company's alleged manipulation of earnings data. In one case, the report said, the misreported data allowed top executives to reap substantial bonuses.

Shares of Fannie Mae fell precipitously on the report, down 10.3 percent over two days to $66.50 on Sept. 23. Shares of Fannie closed up 1.45 percent Tuesday to $71.44.

Chartered by Congress to help low- and medium-income Americans buy homes, Fannie Mae is one of the nation's largest financial companies, with close to $1 trillion in assets.

Fannie, headed by former Clinton administration budget director Franklin Raines, is under dual scrutiny from the Department of Justice and the Securities and Exchange Commission. Both agencies are investigating Fannie's accounting practices, and the company may have to restate its earnings. Analysts have speculated that top management including Raines may have to step down if the accounting charges are validated. Raines and other top executives have defended Fannie's record keeping.

A Fannie spokesman was not immediately available for comment about the lawsuits.

Fannie Mae's future is a hotly contested political issue, with Democratic presidential contender Sen. John Kerry seen as a boon for the government sponsored enterprise. Congressional Republicans and the Bush administration, meanwhile, have pressed to reform the mortgage powerhouse.

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