Sunday, April 11, 2010
Fannie Mae's Failure Revisited
A Congressional panel heard clashing views about what caused the failure of Fannie Mae on Friday, one that blamed the "impossible" balancing act of the company's competing missions, while a former regulator blamed management failures.
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Without doubt it is poor management and greed that has caused failure of Fannie Mae. On the other hand, it seems that we also have jobs on top of jobs that are to overlook these types of occurrences. How did it get so out of control before anyone caught it? It is hard to think that everyone in this line of business is corrupt. Perhaps they should start fresh with whole new management and have harder consequences for those that take advantage of the system.
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