SEC sues ex-Fannie, Freddie execs for fraud. According to the lawsuit, Fannie told investors in 2007 that it had roughly $4.8 billion worth of subprime loans on its books, or just 0.2 percent of its portfolio. The SEC says that Fannie actually had about $43 billion worth of products targeted to borrowers with weak credit, or 11 percent of its holdings.
The SEC said Fannie Mae concealed exposure to more than $100 billion of subprime loans and $341 billion of Alt-A loans. mudd denied wrongdoing and contended the regulator lacked hard evidence to.
Judge Crotty Rejects Ex-Fannie Mae Executives’ Bid to Dismiss SEC Charges By Laurie Edelstein on August 14, 2012 Posted in SDNY Blog Last Friday, Judge Crotty denied the attempt of three former Fannie Mae executives to dismiss the SEC’s charges that they mislead investors about the company’s exposure to subprime mortgages.
The case against the former executives, including Daniel H. Mudd, the former chief executive of Fannie Mae, and Richard F. Syron, the former chief of Freddie Mac, centers on a series of disclosures the firms made to investors at the height of the mortgage boom.
Plaza Home Mortgage rolls out new high-balance mortgage program The Justice Department announced today that Plaza Home Mortgage Inc. (Plaza) of San Diego will pay $3 million to aggrieved borrowers as part of a settlement to resolve allegations that it engaged in a pattern or practice of discrimination on the basis of race and national origin.
Former Freddie Mac CEO Richard Syron and two other former executives from the GSE have agreed to a settlement with the U.S. Securities and Exchange Commission (SEC) to resolve claims of fraud..
WASHINGTON – The Securities and Exchange Commission has brought civil fraud charges against six former top executives. freddie had "basically no subprime exposure," according to the suit. "Fannie.
UPDATE 2-Ex-Fannie Mae execs lose bid to end SEC fraud lawsuit. The mortgage finance companies are now overseen by the Federal Housing Finance Agency, and have since the seizures drawn down about $188 billion of taxpayer money, while repaying only about $46 billion. Mudd had run Fannie Mae from 2005 until the seizure.
Former Fannie mae ceo daniel mudd has urged a federal judge to dismiss a lawsuit filed against him by the Securities and Exchange Commission (SEC) accusing Mudd of shielding risky subprime loans..
SEC accuses former Fannie and Freddie execs of securities. – NEW YORK (Legal Newsline) – The Securities and Exchange Commission has charged six former executives of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage.
Alabama judge denies securitization trustee standing to foreclose In court records and depositions, however, both have adamantly denied Lillian’s allegations. t traveled with him, would be standing in the doorway, a cocktail in hand, looking freshly coiffed and.Former Fannie execs denied dismissal of subprime fraud suit What kind of.
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