Former Fannie Chief: Would Redo Mortgage Underwriting If He Could

In testimony before the House Oversight committee underway right now, Daniel Mudd, Fannie chief from 2005-08, said that, if hindsight were 20/20 he would redo the way Fannie underwrote mortgage loans.

Mudd and three other former Fannie and Freddie heads just got a nice little whipping from Rep. Darrell Issa (R-Calif.), the committee's ranking member.

"All four of you still seem to be in complete denial that Fannie and Freddie are in any way responsible for this," Issa said. "Your testimony says your not accepting any blame for this at all. You’re telling us that in fact that everyone was doing it."

Issa continued: "I'm sorry you wanted to be the most popular girl in the school and you forgot what your mother told you."

-- Frank Ahrens
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