Fannie Mae Execs Golf on Taxpayer Dime

November 4, 2008 No Comments »


American taxpayers are apparently stuck paying the tab for a pricey golf getaway for a number of Fannie Mae executives, according to a report from a CBS affiliate in Dallas.

CBS 11 reported that just three weeks after the federal government bailed out Fannie Mae, a handful of execs took to the greens at Cowboys Golf Course, racking up $6,279.26 in the process.

The cost of the golf and “mango towel service” was $3,316, the buffet food $1,700, and bar tab $555, which included nearly 50 cans or bottles of domestic beer (at least they didn’t go after the imports).

North Texas Congressional Representative Jeb Hensarling was outraged by the news, saying, “I’m not even sure what mango towel service is, but I know the taxpayers of Dallas County and America shouldn’t have to be paying for it.”

Fannie Mae spokeswoman Amy Bonitatibus released a statement, explaining the meeting had been scheduled in January and was aimed at addressing housing market issues.

The mortgage financier has since “ceased all similar activities” and regrets not doing so in the above outing.

Fannie Mae’s seriously delinquent rate (loans three or more months past due or in foreclosure) rose 12 basis points to 1.57 percent in August, more than double the 0.71 percent rate seen a year earlier.

Earlier this year, mortgage lender Countrywide came under fire for planning a number of ritzy junkets, including a ski trip in Colorado that was ultimately cancelled.

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