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586 Notes to Chapter 9

144. David Sambol, interview by FCIC, September 27, 2010.
145. See Countrywide Financial Corporation, Form 10-K, March 1, 2007, p. 47. See also Fannie
Mae, “Single-Family Conventional Acquisition Characteristics: Overall” (2007); Fannie Mae, “Single
Family Conventional Acquisition Characteristics: Countrywide Financial Corporation” (2007); Country-
wide, “Response to June 23 Request: 11 and 12: Summary.”
146. “Single Family Guarantee Business: Facing Strategic Crossroads,” June 27, 2005.
147. Ibid.
148. Daniel Mudd, interview by FCIC, March 26, 2010.
149. “Single Family Guarantee Business: Facing Strategic Crossroads.”
150. “Single Family Guaranty Business Strategic Review Summary,” PowerPoint presentation, July 19,
2005.
151. Citigroup, “Project Phineas: Presentation to the Board of Directors,” executive summary, July 18
and 19, 2005.
152. “Single Family Conventional Acquisition Characteristics Overall,” produced by Fannie Mae.
153. Tom Lund, interview by FCIC, March 4, 2010.
154. Christopher Dickerson to James B. Lockhart III, “Proposed Appointment of the Federal Housing
Finance Agency as Conservator for the Federal National Mortgage Association,” memorandum, Septem-
ber 6, 2008, p. 14
155. Fannie Mae, 3Q 2008 Form 10-Q, p. at 115; Fannie Mae, 2007 Form 10K, pp. 126–30.
156. By December 31, 2005, Freddie reported capital of $36.4 billion; $173 billion in loans to borrow-
ers with FICO scores below 660; $80 billion in high LTV; and $93 billion in loans for non-owner-occu-
pied homes. Federal Home Loan Mortgage Corporation, “Information Statement and Annual Report to
Stockholders: For the fiscal year ended December 31, 2007,” February 28, 2008, p. 74.
157. Richard Syron, interview by FCIC, August 31, 2010.
158. Anurag Saksena, interview by FCIC, June 22, 2010.
159. Donald Bisenius, interview by FCIC, September 29, 2010.
160. Saksena, interview.
161. “OFHEO, SEC Reach Settlement with Fannie Mae; Penalty Imposed,” Office of Federal Housing
Enterprise Oversight press release, May 23, 2006.
162. “Freddie Mac Voluntarily Adopts Temporary Limited Growth for Retained Portfolio,” Federal
Home Loan Mortgage Corporation press release, August 1, 2006.
163. OFHEO, Report of the Special Examination of Fannie Mae, May 2006.
164. OFHEO Report: “Fannie Mae Façade; Fannie Mae Criticized for Earnings Manipulation,” Office
of Federal Housing Enterprise Oversight press release, May 23, 2006.
165. James Lockhart, written testimony for the FCIC, Hearing on Subprime Lending and Securitiza-
tion and Government-Sponsored Enterprises (GSEs), day 3, session 2: Office of Federal Housing Enter-
prise Oversight, April 9, 2010, p. 2.
166. Ibid., p. 1.
167. Robert J. Levin, Board of Director Presentation, PowerPoint presentation, January 2006.
168. Minutes of the February 21, 2006, meeting of the Board of Directors of Fannie Mae (approved on
April 25, 2006).
169. Stephen B. Ashley, Chairman Fannie Mae, remarks prepared for delivery at the Senior Manage-
ment Meeting, Cambridge, Maryland, June 27, 2006.
170. Fannie Mae, “Notes to Single Family Conventional Acquisition Report,” August 3, 2007; See also
Federal National Mortgage Association, Form 10-K, for the fiscal year ended December 31, 2006, filed
August 16, 2007.
171. FCIC staff estimates based on data provided by Fannie Mae.
172. Federal National Mortgage Association, “Form DEF 14A,” November 2, 2007, p. 42; Federal Na-
tional Mortgage Association, Form 10-K, May 2, 2007, p. 202.
173. OFHEO, Report of the Special Examination for Fannie Mae, May 2006, p. 8.
174. Federal Home Loan Mortgage Corporation, Form 10-K, for the fiscal year ended December 31,
2005, filed June 28, 2006, pp. 3, 19. Federal Home Loan Mortgage Corporation, Form 10-K, for the fiscal
year ended December 31, 2006, filed March 23, 2007, pp. 3, 22.