Watchdog Chides FHFA Over $100M Fannie Legal Fees

Law360, New York (February 22, 2012, 7:13 PM EST) -- A federal watchdog agency on Wednesday expressed concern over mounting legal fees reaching $100 million in taxpayer money used to defend ex-Fannie Mae executives facing securities fraud allegations.

The Federal Housing Finance Agency Office of Inspector General report warns that because of the “significant amounts of taxpayer money involved and the issue's high visibility,” the situation must be “scrutinized intensely” in order to limit costs. The report recommends that the FHFA, which has served as the conservator for Fannie Mae and Freddie Mac since the financial...
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