Regulators blame Fannie's woes on conflicting mandates

04/11/2010 | Bloomberg

Former regulators who oversaw Fannie Mae told the Financial Crisis Inquiry Commission that the government-backed mortgage company's troubles stemmed from conflict between its profit demand as a publicly traded company and its mission to encourage homeownership. The public-private structure bred "greed, excessive risk taking and abuse," said Armando Falcon Jr., who oversaw the companies from 1999 to 2005 as director of the Office of Federal Housing Enterprise Oversight.

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