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Notes to Chapter 9 587

175. Federal Home Loan Mortgage Corporation, Proxy Statement and Notice of Annual Meeting of
Stockholders (May 7, 2007), Summary Compensation Table, p. 52 (for 2006 figures). Federal Home Loan
Mortgage Corporation, Proxy Statement and Notice of Annual Meeting of Stockholders (July 12, 2006),
Summary Compensation Table, p. 37 (for 2005 figures).
176. Ibid.
177. OFHEO, Report of the Special Examination for Fannie Mae, May 2006, pp. 3, 9–10, 15.
178. Ibid., p 2.
179. Ibid.
180. Ibid., pp. 7–8.
181. Ibid.
182. Mark Winer, interview by FCIC, March 23, 2010.
183. Todd Hempstead, interview by FCIC, March 23, 2010.
184. Daniel Mudd, interview by FCIC, March 26, 2010.
185. Dickerson to Lockhart, Fannie Mae conservatorship memo, September 6, 2008, p. 14.
186. Minutes of a Meeting of the Fannie Mae Board of Directors, April 21, 2007.
187. Minutes of a Meeting of the Fannie Mae Board of Directors, May 21, 2007.
188. Federal National Mortgage Association, Form 10-K, for the fiscal year ended December 31, 2007,
p. 24.
189. FCIC staff estimate based on data provided by Fannie Mae.
190. “Deepen Segments—Develop Breadth,” Fannie Mae Strategic Plan, 2007–2011.
191. Enrico Dallavecchia, email to Daniel Mudd, “Budget 2008 and strategic investments,” July 16,
2007.
192. Enrico Dallavecchia, email to Michael Williams, “RE:,” July 16, 2007.
193. Daniel Mudd, email to Enrico Dallavecchia, “RE: Budget 2008 and strategic investments,” July 17,
2007.
194. Enrico Dallavecchia, interview by FCIC, March 16, 2010.
195. Freddie Mac, “Freddie Mac’s Business Strategy, Board of Directors Meeting,” March 2–3, 2007,
pp. 3–4.
196. Freddie Mac, “Freddie Mac’s Business Strategy, Board of Directors Meeting,” March 2–3, 2007,
pp. 3–4, 70, 73.
197. OFHEO, 2006 Report of Examination for the Federal Home Loan Mortgage Corporation, pp. 8–
9, 10–11.
198. Federal Housing Finance Agency, “Mortgage Market Note 10–2: The Housing Goals of Fannie
Mae and Freddie Mac in the Context of the Mortgage,” February 1, 2010.
199. “HUD Announces New Regulations to Provide $2.4 Trillion in Mortgages for Affordable Hous-
ing for 28.1 Million Families,” Department of Housing and Urban Development, press release, October
31, 2000.
200. Mudd, interview.
201. Robert Levin, interview by FCIC, March 17, 2010.
202. “HUD Finalizes Rule on New Housing Goals for Fannie Mae and Freddie Mac,” Department of
Housing and Urban Development press release, November 1, 2004.
203. Mudd, testimony before the FCIC, Hearing on Subprime Lending and Securitization and Gov-
ernment-Sponsored Enterprises (GSEs), day 3, session: 1 Fannie Mae, April 9, 2010, transcript, pp. 63–
64.
204. See FHFA, “Annual Report to Congress 2009,” pp. 131, 148. The numbers are for mortgage assets
+ outstanding MBS guaranteed. Total assets + MBS are slightly greater.
205. OFHEO, “2008 Report to Congress,” April 15, 2008.
206. Robert Levin, interview by FCIC, March 17, 2010; Robert Levin, testimony before the FCIC,
Hearing on Subprime Lending and Securitization and Government-Sponsored Enterprises (GSEs), day
3, session 1: Fannie Mae, April 9, 2010, transcript, pp. 68–72.
207. Tom Lund, interview by FCIC, March 4, 2010.
208. Dallavecchia, interview.
209. Todd Hempstead, interview by FCIC, March 23, 2010.
210. Kenneth Bacon, interview by FCIC, March 5, 2010.