Yes, I am old enough to remember the quiz show, “The $64,000 Question”. Of course, that was back in the day when $64,000 was a fortune. Recently, Fannie Mae and Freddie Mac spent 10 times that amount sending 100 employees to a “mortgage conference.” I’m not entirely sure what those things are, but, let’s put this in perspective.
Thus far, you taxpayers (although, given this administration, perhaps “suckers” is a better word) have spent $151 billion bailing out Fannie and Freddie. And, that figure is growing on an hourly basis. Given that, one would think that Fannie’s and Freddie’s first objective would be to “stop the bleeding”. Au contraire…pull harder.
There was a mortgage industry conference in Chicago recently and this administration sent 100 employees to it costing Fannie and Freddie $640,000. Here is how your money was spent.
The spending included nearly $342,000 for travel, food, hotel and meeting room space and $74,000 on four invitation-only dinners for mortgage-lending companies that do business with Fannie and Freddie. The companies [Fannie and Freddie] spent about $140,000 to sponsor the conference and about $68,000 for registration fees…
Here’s the justification for this waste of your money.
Fannie and Freddie say they value face-to-face meetings with customers [i.e., banks and mortgage companies] as a way to understand their needs.
Understand their needs? Through Fannie and Freddie, 70% of the mortgage loans in this country are either backed or purchased by these two agencies. As a practical matter, there is no where else to go. And, what, are they trying to do, “drum up business”?
This type of nonsensical government spending goes on every day. And those in charge don’t care.
After all, it’s not their money…it’s yours.