Thursday, November 02, 2023 11:44:14 AM
During her deposition, Fannie’s Chief Financial Officer Susan McFarland said that she “did not think that Fannie Mae was in a death spiral in mid-August of 2012” that would have prevented it from paying Treasury’s 10% cash dividend.[xix] In April 2012, Treasury Under Secretary for Domestic Finance Mary Miller told Secretary Geithner that she had met with officials from the Capital Group in Los Angeles (a financial services company that manages the American Funds) who “indicated that it had done a fair amount of work analyzing the sufficiency of the PSPAs and thought that they provided ‘adequate protection’ for investors.”[xx] Fannie Mae’s Chief Executive Officer Timothy Mayopoulos maintained a similar viewpoint and at an August 6, 2012, executive management meeting, stated that Goldman Sachs had “confirmed that foreign investors seem to have little concern regarding the PSPA’s upcoming expiration date.”[xxi] On August 7, 2012, a Treasury official observed that “home price, delinquency and refi trends” at the GSEs were “all very positive.”[xxii]
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