FULL TESTIMONY
OHIO ATTORNEY GENERAL MIKE DEWINE
“An Analysis of the Post-Conservatorship Legal Expenses of
Fannie Mae and Freddie Mac”
HOUSE SUBCOMMITTEE HEARING ON
OVERSIGHT AND INVESTIGATIONS
WASHINGTON, DC
FEBRUARY 15, 2011

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Testimony of Michael J. Williams
President and Chief Executive Officer
Fannie Mae
U.S. House of Representatives Committee on Financial Services
Subcommittee on Oversight and Investigations
“Analysis of the Post-Conservatorship Legal Expenses of Fannie Mae and Freddie Mac”
February 15, 2011

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© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.

Statement of
Edward J. DeMarco
Acting Director
Federal Housing Finance Agency
Before the
Committee on Financial Services
Subcommittee on Oversight and Investigations
U.S. House of Representatives
“An Analysis Post-Conservatorship Legal Expenses of Fannie Mae and Freddie Mac”
February 15, 2011

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By GRETCHEN MORGENSON
Published: January 24, 2011

Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud. The cost was a closely guarded secret until last week, when the companies and their regulator produced an accounting at the request of Congress.

The bulk of those expenditures — $132 million — went to defend Fannie Mae and its officials in various securities suits and government investigations into accounting irregularities that occurred years before the subprime lending crisis erupted. The legal payments show no sign of abating.

Documents reviewed by The New York Times indicate that taxpayers have paid $24.2 million to law firms defending three of Fannie’s former top executives: Franklin D. Raines, its former chief executive; Timothy Howard, its former chief financial officer; and Leanne Spencer, the former controller.

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