Fannie Mae was considered an iconic company on the American lndscape providing a bridge between the private and public sector to manage the United States mortgage industry. After the infamous reign of Franklin Raines as the head of Fannie Mae ran the reputation and integrity of the company into the ground.
Of course it is not surprising that he was a Clinton compatriot. May we hope that this institution can redeem itself and become the company that it once was.
Daniel Mudd, the president and CEO, acknowledged that Fannie Mae had broken a public trust. But he said the company today was nearly unrecognizable from before. “We have made changes. We are making progress. And we have much more to do,” he said in testimony prepared for delivery at a Senate Banking Committee hearing.
“There is absolutely no routine, process or control anywhere in the company that is beyond the scope of overhaul and improvement to the highest standard,” Mudd said.Mudd and Fannie Mae Chairman Stephen Ashley were appearing before the committee as pressure mounted from government officials seeking to rein in the company’s growth.
Fannie Mae also is being to recover bonus money from some company officials. Current and former executives of the government-sponsored company reaped hundreds of millions of dollars in bonuses in a deceptive accounting scheme over six years, federal regulators have alleged.
Senators denounced the pervasive accounting fraud and unethical conduct detailed in the regulators’ allegations against Fannie Mae. Some drew parallels with Enron. Several urged congressional action to curtail the massive mortgage holdings of Fannie Mae and its smaller government-sponsored sibling, Freddie Mac.
“A shocking and disturbing picture of irresponsible behavior,” declared Sen. Wayne Allard, R-Colo. via Kenai Peninsula Online
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Why do you have to throw politics into a financial statement.
Keep your ideology to yourself and report the information if you want to claim to be a site for information.
This is supposed to be a Real Estate Blog, it is not.
It is a Real Estate Political Blog, so change the title.
And grow up while your at it, once these people reach that level of polotics they don't care if your a Demo or a Repub.
You are just a number, a statistic. We pretend to matter, but we don't have any real power.
Think I'm wrong, prove it, let's see you change the world even in a small way, I'll give you a week.
The truly powerful can do it in a day.
Sorry to ramble so much, it just pissed me off to come looking for industry information and find a political diatribe.
ALL polotitions are at one time or another crooks and liars, it's how the system is built. One side is no better then the other, they just got caught less.
Swim with sharks etc.
Geez, I actually like the character that are given to certain posts. An opinion every now and again cant hurt anyone and hell I voted for WJC twice.
If you just want the crux of the info then just go to the link. No reason to get so upset other than the fact they you may not have liked what was said.
By the way … you don't think people can change things in the world … oh boy could I prove you severely wrong on that one. Think positive thoughts and they might just come to fruition.
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