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6 ex-Fannie, Freddie executives charged with civil fraud over risky subprime mortgages (http://www.washingtonpost.com/politics/courts-law/6-ex-fannie-freddie-executives-charged-with-securities-fraud-with-risky-subprime-mortgages/2011/12/16/gIQAPyXKyO_story.html?wprss=rss_national - broken link)
Quote:
The Securities and Exchange Commission has brought civil fraud charges against six former top executives at Fannie Mae and Freddie Mac, saying they misled the government and taxpayers about risky subprime mortgages the mortgage giants held during the housing bust.
Those charged include the agencies’ two former CEOs, Fannie’s Daniel Mudd and Freddie’s Richard Syron. They are the highest-profile individuals to be charged in connection with the 2008 financial crisis.
...
According to the lawsuit, Fannie told investors in 2007 that it had roughly $4.8 billion worth of subprime loans on its books. The SEC says that Fannie actually had about $43 billion worth of products targeted to borrowers with weak credit.
Freddie said about 11 percent of its single-family loans were subprime in 2007. The SEC says it was closer to about 18 percent.
Never underestimate the power of Election Year Politics.
Is there anyone on this forum who actually doubts that this has everything to do with the Failure That Is Barack Obama and his desperate attempt to salvage a Failed Presidency?
Timing is everything. Barack has been saving this stuff for 2012. Bet on it.
Nice Work!
Get back to me when they go after Goldman Sachs as well.
I mean Government Sachs that also has thier Bankster Politicians in the Whitehouse.
As well as JP Morgan.
Like Freddie and Fannie Mac, these firms are also entrenched in our government.
It's about effin' time! I wonder how long it will be before Obama squashes the investigation/prosecution?
Not a chance. The guy is desperate to get elected. His leftist base is oozing with disgust over the lack of Wall Street prosecutions. Since Wall Street was not technically doing anything illegal, a diversion must be put in place and some heads will have to roll. Enter Freddie and Fannie.
This President campaigned on changing things. Nothing has changed. There will be sacrificial lambs in the name of Campaign 2012 to try to stop the hemmoraging of votes that is taking place with every passing day.
Not a chance. The guy is desperate to get elected. His leftist base is oozing with disgust over the lack of Wall Street prosecutions. Since Wall Street was not technically doing anything illegal, a diversion must be put in place and some heads will have to roll. Enter Freddie and Fannie.
This President campaigned on changing things. Nothing has changed. There will be sacrificial lambs in the name of Campaign 2012 to try to stop the hemmoraging of votes that is taking place with every passing day.
I'd expect him to go after banks more so than a GSE, given his love for government involvement in private business. Investing Fannie and Freddie will likely lead to a lot of dirt with their ties to congress, that Obama doesn't want to see the light of day. It'll be interesting to see just how much they can tie Barney Frank and other congressional oversight to the collapse associated with FF.
6 ex-Fannie, Freddie executives charged with civil fraud over risky subprime mortgages (http://www.washingtonpost.com/politics/courts-law/6-ex-fannie-freddie-executives-charged-with-securities-fraud-with-risky-subprime-mortgages/2011/12/16/gIQAPyXKyO_story.html?wprss=rss_national - broken link)
Maybe this is the REAL reason for Barney Frank's retirement. He was a staunch defender of Freddie and Fannie even though everyone knew they were in trouble. Now if Maxine Waters were connected in some way......
Maybe this is the REAL reason for Barney Frank's retirement. He was a staunch defender of Freddie and Fannie even though everyone knew they were in trouble. Now if Maxine Waters were connected in some way......
Barney certainly aided and helped too bad he will not go to jail .
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