Financial Times FT.com

Ex-Fannie chief hits at lending model

By Alan Rappeport in Washington

Published: April 9 2010 14:33 | Last updated: April 9 2010 19:12

The former chief executive of Fannie Mae on Friday said the mortgage finance company’s model left him in an impossible situation when the housing market collapsed and suggested its fate would have been different if it could have diversified.

Daniel Mudd told the Financial Crisis Inquiry Commission that the government-sponsored housing lender was pushed by Congress to lend more to low-income home buyers while trying to boost profits during a housing downturn.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this