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Rep. Waxman Starts Beating Up On Fannie, Freddie Execs

Rep. Henry Waxman (D-Calif.) has kicked off his House Committee on Oversight and Government Reform beat-down of former Fannie Mae and Freddie Mac executives arrayed before him right now as blame is placed for the mortgage giants' role in the sub-prime crisis.

It's a classic Waxman stemwinder, complete with obtained and flammable internal Fannie and Freddie e-mails.

Waxman read a 2004 e-mail from a former Freddie risk manager to former Freddie chief executive Richard Syron, seated before Waxman, warning Syron that Freddie was taking too much mortgage risk.

"Mr. Syron did not accept the chief risk officer's opinions," Waxman said. "Instead, the company fired him."

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  December 9, 2008; 10:18 AM ET
Categories:  The Ticker  | Tags: Fannie, Freddie, Waxman  
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Next: Former Fannie, Freddie Heads Offer Defenses


The Kings of Welfare
It's a shame that the mission of Fannie and Freddie was corrupted by both the companies and Congress. You were created to complete one mission, you chose to complete a different one.
Here's two suggestions...if you are quasi-federal, don't allow lobbyists to be hired. Two, get rid of the Boards of both companies. The Boards are just as at fault.

Posted by: xmlconsultant | December 9, 2008 12:41 PM | Report abuse

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