Banker joined Fannie Mae after being sued by FHFA

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Fannie Mae hired a former Bank of America exec months after he was cited in a lawsuit by the Federal Housing Finance Agency, the agency responsible for regulating Fannie Mae, a Bloomberg article reveals.

The confusing overlap, the article notes, relates to the small world of those in the mortgage finance business and the difficulty of finding qualified people who don’t have blemishes on their career like the exec.

“There aren’t that many people out there with expertise that don’t have a potentially tainted background,” Isaac Gradman, a lawyer at Perry Johnson Anderson Miller & Moskowitz LLP, who works in the field that Bloomberg spoke with.

Source: Bloomberg