Fannie Mae announced last week that Louis Freeh, former FBI director, was elected to join the mortgage giant’s Board of Directors. He is going to serve on the compliance and compensation committees, becoming the eight new director elected since 2004. This move will improve Fannie’s connections to Congress and the White House at a time when tightening federal oversight over the two Government-Sponsored Enterprises is being discussed.
Freeh has served as an FBI Special Agent from 1975 to 1981; in 1993, he was appointed director of the FBI, where he stayed until 2001. He has received much criticism for his especially radical statements and demands in connection with law enforcement, public organizations and intelligence. A controversial, but powerful figure, he will certainly have a serious influence on Fannie Mae. “Louie’s impressive legal background and experience working in the financial services sector and on corporate boards will be important assets for the company and our shareholders”, said Stephen B. Ashley, Chairman of the Board.
Freeh is currently a lawyer in the private sector; he participates in the board of directors of credit card issuer MBNA, Bristol-Myers Squibb and Gavel Consulting Group.
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