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: