FHFA watchdog blasts lax oversight of rising Fannie Mae headquarters construction costs

The Federal Housing Finance Agency has been lax in its duties as the overseer ofFannie Mae, and needs to do far more to address the dramatically rising cost of Fannie Mae’s new Washington, D.C. headquarters, the FHFA’s watchdog said in a new report.

According to a new report from the Federal Housing Finance Agency Office of Inspector General, the projected cost of Fannie Mae’s new Washington headquarters, which would consolidate several office locations in the D.C. area into one main location, has risen 53.35% from $164.32 per square foot to $252.81 per square foot since Jan. 26, 2015.

And while that cost has been on the rise, the FHFA hasn’t exercised the proper oversight over Fannie Mae and its relocation process, the FHFA-OIG said in its report.

According to the FHFA-OIG report, its review of Fannie Mae’s relocation stemmed from an “anonymous hotline complaint” that accused Fannie Mae of engaging in “excessive spending” in the construction of its new headquarters.

Read on.

And Watt responds to watchdog’s allegations. Click here.

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