(Reuters) - A federal watchdog faulted Fannie Mae and Freddie Mac, the mortgage finance companies propped up with taxpayer funds, for "questionable" spending on a mortgage industry conference last year, in a report released on Thursday.
Almost half of the $600,000 that the two companies spent for a conference held by the Mortgage Bankers Association in October "was of questionable value," the inspector general for the companies' federal regulator said.
The inspector general cited $140,000 spent to help sponsor the conference, saying it "did not find sufficient justification" for the sponsorship. It also cited the $140,415 spent to host dinners and business meals, saying the companies could have accomplished the same amount of business at a "substantially lower cost."
No comments:
Post a Comment