Fannie has received $112 billion in taxpayer bailout money, as of last September, since being taken over by regulators in 2008. Yet it has been forced to cover the legal costs of defending executives who led the firm as far back as 2000: former chief executive Franklin D. Raines, former chief financial officer J. Timothy Howard and former controller Leanne G. Spencer.
The executives have been defending themselves in court from a variety of legal actions related to their stewardship of the company.
Federal officials though have made it clear that even if litigations due succeed, the Federal Housing Finance Agency, which oversees Fannie Mae has asserted the ability to withhold payments to parties suing Fannie executives until taxpayers are repaid.
The $100 million in payments represents only a fraction of the legal fees paid by Freddie Mae, another bailed-out mortgage firm. According to a congressional inquiry into the matter last summer, at least $162 million has been spent.
It remains unclear how federal officials may proceed in the future balancing interest between tax payers and customers defrauded by the company.
(아주경제 앤드류 이 기자)
reporter
Park Sae-jin
swatchsjp@ajunews.com