S.E.C. Sues 6 Former Top Fannie and Freddie Executives
By AZAM AHMED and BEN PROTESS
NYT
The Securities and Exchange Commission has brought civil actions against six former top executives at the mortgage giants Fannie Mae and Freddie Mac, saying that the executives did not adequately disclose their firms’ exposure to risky mortgages in the run-up to the financial crisis.
The case is one of the most significant federal actions taken against top executives at the center of the housing bust and ensuing financial crisis. Fannie Mae and Freddie Mac have been lightning rods in Washington as symbols of the excessive risk-taking that pushed the country into an economic downturn.
The agency filed complaints on Friday in the United States District Court in Manhattan against three former executives at Fannie Mae – its chief executive, Daniel H. Mudd; chief risk officer, Enrico Dallavecchia; and executive vice president, Thomas A. Lund.
Freddie Mac’s former chief executive, Richard F. Syron; Patricia Cook, its chief business officer; and its executive vice president, Donald J. Bisenius, were also named in a separate complaint.
(More here.)
NYT
The Securities and Exchange Commission has brought civil actions against six former top executives at the mortgage giants Fannie Mae and Freddie Mac, saying that the executives did not adequately disclose their firms’ exposure to risky mortgages in the run-up to the financial crisis.
The case is one of the most significant federal actions taken against top executives at the center of the housing bust and ensuing financial crisis. Fannie Mae and Freddie Mac have been lightning rods in Washington as symbols of the excessive risk-taking that pushed the country into an economic downturn.
The agency filed complaints on Friday in the United States District Court in Manhattan against three former executives at Fannie Mae – its chief executive, Daniel H. Mudd; chief risk officer, Enrico Dallavecchia; and executive vice president, Thomas A. Lund.
Freddie Mac’s former chief executive, Richard F. Syron; Patricia Cook, its chief business officer; and its executive vice president, Donald J. Bisenius, were also named in a separate complaint.
(More here.)
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1 Comments:
Finally! This is a good start, now if we could jail those in Congress who insisted on using Freddie and Fannie as political tool – starting with Mr. Frank.
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