Fannie Mae and Freddie Mac were seized by federal regulators and placed into a conservatorship more than two years ago, but the legal bills connected to the mortgage giants live on. Now the chairman of the House Committee on Oversight and Government Reform wants to know why several Am Law 200 firms are still being paid to defend former executives.
The National Law Journal, a sibling publication, reported on Monday that oversight committee chairman Darrell Issa has requested a “full and complete explanation” of the decision by the Federal Housing Finance Agency to “continue advancing legal fees on behalf of former executives” by 5 p.m. on Friday. (Click here for the seven-page letter sent by Issa, courtesy of The NLJ.)
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