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Fannie Mae Gets Slapped Again

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It would be hard to blame Fannie Mae if she threw herself a pity party. The financial giant simply cannot get up off the mat.

The Miami Herald on Wednesday reported that Fannie was ordered by a U.S. District Court in a sealed ruling last month to forfeit $6.5 million in "criminally derived" gains from a transaction designed to offload fraudulent loans it bought from one of its authorized lenders.

According to the Justice Department and federal housing officials, Fannie stood by quietly as the lender, James McLean of First Beneficial Mortgage Company, resold the bad paper to Ginnie Mae, a government controlled mortgage entity.

The forfeiture order was accompanied by a directive from U.S. Circuit Court Judge Lacy Thornburg freezing the assets in Fannie's accounts with the Federal Reserve Bank of New York.

In related (definitely related) news, Citizens Against Government Waste, a taxpayer watchdog group, has named Fannie Mae its "corporate turnkey of the year."

According to The Washington Business Journal, the group said it was recognizing Fannie for "cooking the books" which has resulted in a growing list of accounting improprieties that have been reported several times on this website.

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Comments (1)

This is an appropriate financial punishment for the "Bad Girl" of Fannie Mae who in the shadows of accounting fraud has become the largest corporate bandit in America.

It is time for Congress to act and for the the Justice Department to file criminal prosecutions against the cadre of Fannie Mae culprit executives like Franklin Raines.

Above Posted By: AAG | Thu, 15 Jun 2006 12:17:31 EST

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