Report says taxpayers paid for Fannie Mae golf outing

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GRAPEVINE, Texas (AP) - Taxpayers paid $6,279.26 for a golf outing that included at least 14 executives from the troubled mortgage giant Fannie Mae, according to a television report.
The Sept. 29 event came just 22 days after the government bailed out Fannie Mae.
A spokeswoman for Fannie Mae says the golf outing was part of a customer advisory board meeting that had been scheduled in January and all activities such

GRAPEVINE, Texas (AP) - Taxpayers paid $6,279.26 for a golf outing that included at least 14 executives from the troubled mortgage giant Fannie Mae, according to a television report.

The Sept. 29 event came just 22 days after the government bailed out Fannie Mae.

A spokeswoman for Fannie Mae says the golf outing was part of a customer advisory board meeting that had been scheduled in January and all activities such as this have since been canceled.

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The 14 listed on the tee sheet included three Fannie Mae executives from Dallas, two from Chicago and one from Washington, D.C. The cost for the golfing alone at the Cowboys Golf Course in Grapevine was $3,316, Dallas-Fort Worth television station KTVT reported Monday night.

Fannie paid for 20 golfers, according to documents obtained by the station. The outing included mango towel service and more than $1,700 worth of buffet food and a $555 bar tab.

"While this event was planned since January, obviously circumstances with our company and the market overall have changed significantly since then," Fannie Mae spokeswoman Amy Bonitatibus said. "We have ceased all similar activities as those associated with this event, and we regret having not done so in this case."

"I am outraged by this," said U.S. Rep. Jeb Hensarling, who serves on the committee that oversees Fannie Mae.

"They have 200 billion dollars of taxpayer money from the school teacher in Mesquite, the factory worker in Garland, the policeman in Dallas, and they're running around golfing, getting mango towel service," said Hensarling. "I'm not even sure what mango towel service is, but I know the taxpayers of Dallas County and America shouldn't have to be paying for it."

Fannie Mae spokesman Brian Faith said CEO Herb Allison's chief of staff had sent a message to the Fannie Mae management team to re-examine all of its external events to determine if they should still be held.

Leslie Paige with the nonpartisan watchdog group Citizens Against Government Waste said Fannie Mae is at the center of the mortgage meltdown and needs to change its internal culture to be more respectful of taxpayers.



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Copyright 2008 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.











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