Fannie: We Regret $6,000 Golf Trip

Fannie: We Regret $6,000 Golf Trip

Tuesday, November 4, 2008 3:57 PM

Mortgage finance company Fannie Mae acknowledged Tuesday that it spent more than $6,000 on a golf outing after it was seized by the government earlier this year, but said it is halting similar company-sponsored events.

Dallas-Fort Worth area television station KTVT reported Monday night that Fannie paid for 20 golfers, including several company executives, to attend a Sept. 29 golf excursion in Texas. Fannie Mae, which did not dispute the report, described the event as a mortgage industry customer meeting held twice annually.

"We do regret that the activities surrounding the customer meetings in Dallas may be perceived as excessive," company spokesman Brian Faith said in an e-mail message. "We have ceased all similar activities as those associated with this event, and we regret having not done so in this case."

The report highlights the intense scrutiny surrounding Washington-based Fannie Mae, especially because the government may have to absorb its losses from the mortgage crisis.

Fannie Mae and McLean, Va.-based sibling company Freddie Mac were placed under government control on Sept. 7. The government may inject up to $200 billion to stabilize Fannie and Freddie's finances, though that money has yet to be spent. The mortgage finance giants own or guarantee about $5 trillion of the nation's outstanding mortgages - nearly half of the home loans the United States.

The golf outing snafu comes after revelations last month that insurance giant American International Group Inc. (AIG, Fortune 500) spent $440,000 on a posh California retreat for its executives, days after the company tapped into an $85 billion government loan to stave off bankruptcy.

In a memo to Fannie Mae managers sent last week, CEO Herbert Allison's chief of staff told company executives to have all external events reviewed by Allison's office.

"We want to work with you to ensure these events reflect the company's best judgment in this extraordinary environment," Chuck Greener wrote.

http://moneynews.newsmax.com/streettalk ... 47612.html

I think that we need all events and expenditures reviewed by the American people. Those bailed out and the government need some oversight. :roll:

More rewards for bad behavior.

2 Chronicles 7:14

We do regret that the activities surrounding the customer meetings in Dallas may be perceived as excessive," company spokesman Brian Faith said in an e-mail message. "We have ceased all similar activities as those associated with this event, and we regret having not done so in this case."




I couldn't help but notice that what he said is regretted is the perception that the event was an excessive expenditure.

He didn't say a word about Fannie regretting the event itself. :roll:

Why don't these people quit acting like we're all freaking stupid :evil:

I suspect the only thing they truly 'regret' is the fact this little golf junket came to public light! I guess they sent the 20 golfers to play golf in an effort to shore up some more deadbeats...er... I mean customers that may be interested in a sub-prime mortgage. Just who are these so called "customers" this meeting was designed to promote I wonder.

Quote:

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We want to work with you to ensure these events reflect the company's best judgment in this extraordinary environment," Chuck Greener wrote.

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Your companies "best judgement?" I would be highly suspicious of anyone in your organization when they claim to use, "best judgement!"