Fannie Mae might need to take its own advice: You shouldn’t buy more home than you can afford.No word yet on this story from infamous Fannie Mae lawyer Beth Wilkinson.
A June 9 inspector general’s report from the Federal Housing Finance Agency (FHFA), which controls operations through conservatorship of both mortgage giants Fannie Mae and Freddie Mac, released a scathing report on Fannie Mae’s ( FNMA, +0.46% ) plans for a new headquarters in downtown Washington, D.C., doubting that the plans for the so-called Midtown Center, which include spiral staircases, rooftop decks and three glass-enclosed walkways, “are appropriate for an agency in conservatorship.”
In the report, the agency’s inspector general, Laura Wertheimer, told FHFA that the cost to built the new 679,0000 square-foot Fannie Mae headquarters had risen since January of 2015 to $151 million up from $115 million. All told, the 15-year cost of relocation of Fannie Mae’s headquarters , the construction of the new building and the lease now tops $770 million, the OIG said. The OIG took particular aim at the three glass-enclosed bridges at the property, of which Fannie Mae will bear about 70% of the costs to construct, totaling about $15 million, as well as the spiral staircases and rooftop decks.
Friday, June 17, 2016
Fannie Mae’s new headquarters deemed too fancy for troubled agency
Marketwatch reports on America's homegrown fascist economic movement:
