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Fannie, FHFA Defend Legal Aid For Ex-Officials

Law360 (February 15, 2011, 7:45 PM EST) -- The heads of Fannie Mae and the Federal Housing Finance Agency went before a House panel on Tuesday to defend the payment of millions of dollars in legal bills that Fannie executives racked up at taxpayers' expense.

Federal National Mortgage Association CEO Michael Williams and FHFA acting Director Edward DeMarco told the House Financial Services subcommittee on oversight and investigations that properly administered indemnification is in Fannie's best interest and fits within FHFA’s goal of preserving and conserving assets.

“Overturning existing contracts or policies would be...
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