Word: hud
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Dates: during 1970-1979
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...submitted to the Civil Service Commission, where it often sinks out of sight. To get rid of incompetents, managers steer them to what are called "turkey farms," offices where nothing much is required and little damage can be done. The bureaucracy is studded with these farms, which a HUD analyst claims can be spotted on sight. "Just walk down the halls," he says. "You'll see lots of zombies...
Many employees openly admit to doing nothing to earn their pay. For a year and a half, a statistician at HUD earning $13,000 a year, and four equally idle coworkers, drank coffee, pondered crossword puzzles and listened to the radio. "Our supervisors were always telling us to look busy," she says. "But there's only so much you can pretend when you haven't got a damn thing...
...project subsidized by the U.S. Department of Housing and Urban Development and was able to make some of its payments on a $3 million mortgage issued by the First Valley Bank, in which Flood owns stock. Investigators are exploring a possible conflict of interest in Flood's dealings with HUD...
...first 26 years, Fannie Mae was a Government agency. In 1968 Congress turned it into a private, profit-oriented company answerable primarily to its stockholders, both individuals and institutions. But the President was given the right to fire its directors "for cause," and HUD was granted some powers to limit Fannie Mae's borrowing. It raises billions of dollars a year in private markets and then buys mortgages from banks, savings and loan associations and other lenders, giving them money to invest in other mortgages. Currently, Fannie Mae holds about $34 billion worth of housing debt...
...latest crisis was set off because HUD executives heard that Zimmerman and one other anti-Hunter director would not be nominated for re-election at a board meeting scheduled for this Tuesday. So the White House dispatched Strauss to settle the fight and get Hunter's terms for resigning. Meeting with Strauss last week, Hunter talked about quitting in the future, provided that the Administration would guarantee Fannie Mae's "fiscal integrity and independence." Hunter also wanted all of HUD'S authority over Fannie Mae transferred to the Treasury. But Pat Harris rejected any such deal...