Fannie Mae Spent $6,000 on Post-Takeover Golf Outing

Housing finance giant regrets that the trip could be ‘perceived as excessive’

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Sure, your company was run so poorly it had to be taken over by the Feds. But that doesn’t mean you should be paying your own green fees, does it?

Not at Fannie Mae, at least.

From The Associated Press:

Mortgage finance company Fannie Mae acknowledged Tuesday that it spent more than $6,000 on a golf outing after it was seized by the government earlier this year, but said it is halting similar company-sponsored events.

Dallas-Fort Worth area television station KTVT reported Monday night that Fannie paid for 20 golfers, including several company executives, to attend a Sept. 29 golf excursion in Texas. Fannie Mae, which did not dispute the report, described the event as a mortgage industry customer meeting held twice annually.

We do regret that the activities surrounding the customer meetings in Dallas may be perceived as excessive," company spokesman Brian Faith said in an e-mail message. "We have ceased all similar activities as those associated with this event, and we regret having not done so in this case.

  The revelation comes not long after the House Oversight and Government Reform Committee revealed that AIG picked up a $440,000 tab for week-long retreat at the St. Regis Resort shortly after it was seized by the Feds.

Wall Street
Fannie Mae
AIG, Inc.

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