Embattled official at center of Fannie Mae litigation retires


The Washington official at the center of the Fannie Mae and Freddie Mac shareholder litigation has left the building.

Mario Ugoletti, a senior official at the Federal Housing Finance Agency, retired in September, an agency spokesman told The Post.

Ugoletti became publicly enmeshed in the controversy over the future of Fannie and Freddie after lawyers for Fairholme Funds, a shareholder, alleged in August that Ugoletti misled a federal court in 2013 when he swore the government did not know the two mortgage giants were about to return to profitability.

Then the No. 2 official at FHFA, Fannie and Freddie’s regulator, Ugoletti, a career civil servant, was intimately involved in the agency’s decision in 2012 to sweep all of companies’ future profits to

Treasury. The mortgage giants were supposed to pay back a $187 billion taxpayer bailout through a dividend, but FHFA argued that profits produced by the two companies would be so small that all their profits needed to be swept to Treasury.

But soon after the sweep was enacted, both companies returned to profitability.

Since then, they’ve sent more than $230 billion in profits to Treasury.READ MORE

#FannieMae #Mortgage #foreclosure

Featured Posts
Recent Posts
Archive
Search By Tags
No tags yet.