• October 28, 2021

6.6 Billion Missing From Ginnie Mae Run By Corrupt Business Man


HUD hired David Fender to run Ginnie Mae and it’s 1.5 trillion dollars in mortgages even though his only experience was in income tax evasion, faking CPA certification and neglecting his duties to run a private company using HUD’s address.  As a result, Ginnie Mae’s finances are in a shambles and the GAO (General Accounting Office) says they cannot audit 6.6 billion that they have no idea where it went.

It now turns out that he had absolutely no qualifications for the job he was given.  That brings up the question of why was he hired?  I’m sure there were plenty of qualified candidates for the job.  Fender had been fired from his previous job for not doing his work while operating his own business out of their offices.  HUD was aware of it because his former employer told HUD when he was questioned about Fender.

From The Daily Caller:

David Fender shirked his official duties and instead ran a government contracting company out of the government office building. He had just been fired from his previous job for running that contracting firm on company time, and Ginnie Mae officials knew it — and that he lied about it — when they hired him.

Ginnie Mae, an agency in the Department of Housing and Urban Development (HUD), left Fender at the helm from April, 2014, to April, 2015, even though it quickly became clear he was unqualified. He left Ginnie Mae’s finances in such disrepair that HUD’s inspector general said $6.6 billion couldn’t be audited.

The IG said Fender “should also be recognized as the underlying causes of problems facing Ginnie Mae” and observed that Ginnie Mae officials seemed hardly to care whether it had anyone keeping an eye on its money.

The IG noted even if Fender’s qualifications as presented were taken at face value, his “resume indicated no federal financial management experience. The Deputy Chief Financial Officer position has remained vacant as of January 2015, more than a year after the former Deputy Chief Financial Officer left; and the announcement for the Controller position was not posted until January 2015, nine months after the former Controller left.

Isn’t funny that billions have disappeared many times during the Obama administration?


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