Well here’s a real confidence booster:
There is no independent auditor overseeing the federal agency responsible for some $6 trillion in home mortgages, because the Department of Justice’s Office of Legal Counsel ruled that the agency’s inspector general didn’t have authority to operate, according to internal memos obtained by the Huffington Post.
The ruling came in response to a request from the Federal Housing Finance Agency itself — which means that a federal agency essentially succeeded in getting rid of its own inspector general.
The FHFA is home to Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.
Obviously, Fannie and Freddie’s oversight was already too weak (thank you Barney Frank!). Now, thanks to the Justice Department, they have even less. What could go wrong?
(Via Instapundit.)
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