Resources Daily Legal News Legal Fees Top $100M for Ex-Fannie and Freddie Executives, and Taxpayers Cover the Tab

Legal Fees Top $100M for Ex-Fannie and Freddie Executives, and Taxpayers Cover the Tab

Wednesday, 22 February 2012 00:08 Written by
Legal fees for former executives of Fannie Mae and Freddie Mac have totaled $109 million since 2004, and taxpayers are advancing the money. A report by the inspector general of the Federal Housing Finance Agency says contracts calling for payment of the fees could have been repudiated when Fannie and Freddie were taken over in 2008, the New York Times reports. The agreements remain, however. Though the contracts provide that the legal fees must be repaid if courts rule against the executives, it’s unlikely they would be able to repay such large amounts, the Times says. Fees for just three…

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