AP - EXECUTIVES CHARGED: Two former CEOs at mortgage giants Fannie Mae and Freddie Mac, and four other executives, were charged with civil fraud, the Securities and Exchange Commission said Friday. They are the highest-profile individuals to be charged in connection with the 2008 financial crisis.
WASHINGTON (AP) -- The Securities and Exchange Commission has charged six former top executives at Fannie Mae and Freddie Mac with civil fraud, saying they misled the government and taxpayers about risky subprime mortgages the mortgage giants held during the housing bust....
Six former top executives of housing finance giants Fannie Mae and Freddie Mac were charged Friday with securities fraud by federal regulators for allegedly misleading investors about the size of the companies' risky subprime mortgage holdings.
The Securities and Exchange Commission charged six former top officials at Fannie Mae and Freddie Mac with securities fraud Friday. CEOs Daniel Mudd and Richard Syron were among those charged with misleading investors about the firms' true level of exposure to sub-prime mortgages. Fannie Mae and Freddie Mac were seized by the government in 2008 and have required $150 billion in taxpayer support to stay afloat.