August 5th, 2008 - Wow
I wake up this morning to read:
In an interview, Freddie Mac’s former chief risk officer, David A. Andrukonis, recalled telling Mr. Syron in mid-2004 that the company was buying bad loans that “would likely pose an enormous financial and reputational risk to the company and the country.”
I left Freddie at the beginning of 2004. At that time, I believed that it excelled at mortgage underwriting–it had very serious people who constructed careful, sophisticated models of default prediction.
Dave A. was among the most highly respected people in the company. Apparently, things changed after I left.
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on Tuesday, August 5th, 2008 at 10:59 am and is filed under Real Estate.
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