Rep. Royce: Fannie Mae Has Fallen Asleep at the Wheel
U.S. Representative Ed Royce (R-Calif.), a senior member of the House Financial Services Committee, released the following statement after the Federal Housing Finance Agency (FHFA) Office of Inspector General (OIG) issued a report on the increased budget for Fannie Mae's office relocation:
"It's paradoxical that an organization overseeing a huge chunk of the mortgage market can't get a simple construction project right. Fannie falling asleep at the wheel in this manner is a perfect representation of the GSEs' model of private gains and public losses. It's time to put aside the conversation about releasing this enterprise and instead refocus on how to wind it down."
Last November, the President signed legislation by Rep. Royce to cap the salaries of the CEOs of Fannie Mae and Freddie Mac. It was the first major standalone legislation enacted that dealt with the GSEs since they were placed into conservatorship after the financial crisis.