GSEs Spend $600K at MBA Convention Prompting OIG Review
This is the third of three evaluation reports released today by the Federal Housing Finance Agency’s (FHFA) Office of Inspector General (OIG) regarding the oversight of activities of the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac by FHFA. This evaluation concerns the GSEs participation in the 2011 Mortgage Bankers Association (MBA) Convention and Exposition.
MBA’s event was held at the Hyatt Regency Hotel in Chicago from October 9 to 12, 2011. The annual convention was attended by about 3000 executives who work in mortgage finance including senior managers from major lenders, full service mortgage companies and mortgage brokers, representatives from servicing companies, state and local associations, and affordable housing groups. FHFA personnel also attended at government expense. The GSEs together spent over $600,000 to participate in the convention and 90 GSE employees were registered to attend, 48 for Fannie Mae and 42 for Freddie Mac.
OIG states that, while the expense of the convention was small in relation to all GSE expenses, the money expended did occasion comment and prompt the office to investigate. OIG found that the GSE’s per-capita expenditures for registration, travel, and lodging were comparable to allowable expenses for federal employees however it questioned the $140,000 spent to sponsor the convention and $140,415 for business meals and hosted dinners.
Rest here…
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This ongoing robbery of our wealth is being hidden from the American people..The foxes and the hens have hijacked the U.S. TREASURY DEPT..and are bankrupting America and the American people under the guise of fraud being called other names like… FED MONETARY POLICY…WHICH IS REALLY INFLATION AND DEFLATION…. TBTF, BAIL OUTS and ROBOSIGNING and other FRAUDS that are no more than globalist “BIG IDEAS”…that are neither Constitutional or Legal…
What about previous MBA meetings. How isit that these people don’t know anything? How can the VA not know about LOan fraud, when these people are essentially associates? The VA did not know about illegal fees? Because the ‘BANKS’ were trusted to make sure the Mortgage Bankers did not inform, the VA about the fraud? WOW! GIVE ME A BREAK! FOLLOW THE MONEY!
http://www.mbac.org/cms_bwm/uploads/78.pdf
http://cfr.vlex.com/source/code-federal-regulations-pensions-bonuses-veterans-relief-1087
There would appear to have been a ‘CONSENSUS’, an ‘AGREEMENT’ AMONG ALL the MORTGAGE BROKERS to abide by the alleged ‘BANK’ demands for illegal fees. After all, the ‘BANKS’ making a demand for illegal fees doesn’t force every one in lock step to conform, I would think it would require a CONSPIRACY that would assure the COOPERATION AND SILENCE of ALL CONCERNED.