The Home Front

Fannie Mae Internal E-Mail: Warnings Ignored

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December 9, 2008 RSS Feed Print
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The House Oversight and Government Reform Committee held a hearing Tuesday to explore the collapse of mortgage finance giants Fannie Mae and Freddie Mac. And, as usual, Chairman Henry Waxman, a California Democrat, made sure to have plenty of unflattering documents on hand.

From Waxman's prepared statement:

On October 28, 2006, Fannie's chief risk officer sent an E-mail to company CEO Daniel Mudd warning about a "serious problem" at the company. He wrote: "There is a pattern emerging of inadequate regard for the control process."

Here's the E-mail that Waxman is referring to:

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