Fannie, Freddie, and Mortgage Regulator Balked at Oversight, Watchdog Says

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When a federal inspector general set out to examine the work of Fannie Mae, Freddie Mac and their regulator two years after taxpayers were called upon to prop up the giant mortgage finance companies, the inspector general met resistance.

Fannie Mae and Freddie Mac questioned the inspector general's authority to demand their records, according to government correspondence recently released under the Freedom of Information Act.

The regulator in charge of overseeing the two companies directed them not to turn over the records, according to the correspondence. The regulator asserted that the inspector general was exceeding his authority.

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