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 companies were not unwitting victims of an economic down cycle or flawed products and services. Their failure was deeply rooted in a culture of arrogance," said Armando Falcon Jr., who was director of the Office of Federal Housing Enterprise Oversight from 1999 to 2005.

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