“Even after costing American taxpayers $150 billion since their government takeover, public-private mortgage giants Fannie Mae and Freddie Mac should not be subject to greater public transparency, says their federal regulator.
Edward DeMarco, acting director of the Federal Housing Finance Agency, told Congress last week that Fannie and Freddie “did not cease to be private legal entities when they were placed into conservatorship.” In addition, making them comply with Freedom of Information Act (FOIA) requests would be costly, according to DeMarco, “as they will incur significant operational and compliance costs in establishing and administering a function to respond to such information requests.”
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