Dec 13, 2011 Senate Committee Banking, Housing and Urban Affairs
Steve Linick, FHFA Inspector General, testified at an oversight hearing on the Federal Housing Finance Agency (FHFA). He questioned FHFA’s decision to award over $35 million in executive bonuses at Fannie Mae and Freddie Mac without conducting an independent review. The federal government had spent about $180 billion to support the mortgage companies since 2008. The government estimated the conservatorship could cost $220 billion by 2014.
Bonus Speak at about 33:30 but the entire clip is worth the watch…