BIRMINGHAM, Ala., Dec. 25 /PRNewswire/ -- With the recent announcement of Fannie Mae's CEO's, Michael Williams, receipt of $900,000 in salary, $3.1 million in deferred payments next year, and another $2 million if he meets certain performance goals; and, the further announcement by the Treasury Department that Fannie's financial cap was recently removed, Judith Haney, a 26-year veteran real estate appraiser and experienced review appraiser for Fannie Mae, cites the company's outsourcing of critical appraisal management services as an example of its ongoing gross mismanagement.

Haney takes issue with Williams' mega salary and bonus, calling it "an intolerable and ridiculous waste of taxpayer funds," and, she cites an example of Fannie's gross mismanagement by sharing a recent experience she had with a fourth party sub-contractor hired by a third party Fannie Mae contractor to obtain review appraisal services from her for property located in Alabama.

"In December 2009, I was contacted by a company I had never heard of who claimed to be working for a contractor hired by Fannie Mae to provide review appraisal services for properties in Fannie's asset portfolio.

"The fact that Fannie Mae was outsourcing appraisal management services came as a surprise to me since I had previously provided appraisal reviews directly to Fannie's asset managers, and I was aware that review appraisals of assets in its portfolio often yielded evidence of fraud.

"My review appraisals were critical to Fannie's litigation efforts to reclaim funds from investors who sold it loans supported by fraudulent appraisals. And I knew that direct, unimpeded communication with Fannie's asset managers was essential to the effective communication of my reports and their full understanding of same.

"Ultimately I declined the assignment from the subcontractor because it was unacceptable to me that two companies composed of non-appraisers would stand between me and the asset manager who would ultimately receive my review appraisal."

"It is shameful that taxpayers pay millions to Fannie Mae and get so little in the way of competence for its money. Fannie Mae exhibits an absence of common sense in the handling of its most sensitive, confidential work," Haney said in a statement on her web site http://www.judithhaney.com.

SOURCE The Office of Judith Haney

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