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Regulator Roasts Fannie Mae’s CAE Selection

Tammy Whitehouse | March 13, 2015

The Federal Housing Finance Agency has provided a primer for audit committees to study on how not to appoint and manage a chief audit executive.

FHFA’s Office of Inspector General released a detailed report criticizing Fannie Mae’s selection of a chief audit executive in 2013 when the job became vacant, calling the audit committee’s search process “far from diligent” and “haphazard, at best.” The audit committee failed to perform a reasonable, timely search when it knew the job would be vacant, failed to hire a candidate who fit the minimum job qualifications, and failed to take into account or adequately address the significant conflicts the new CAE would be facing as he assumed the role in a lateral internal move, the report says. Fannie Mae did not immediately respond to a request for comment....

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