SEC Sues Former Fannie Mae And Freddie Mac Executives For Fraud

The Securities and Exchange Commission sued six former Fannie Mae and Freddie Mac executives on Friday for misleading the public about the mortgage giants’ exposure to risky subprime mortgages as the housing bubble deflated.

Former Fannie Mae chief executive Daniel Mudd and former Freddie Mac CEO Richard Syron are the highest-ranking officials yet to be charged for their involvement in the housing meltdown that triggered the biggest financial collapse since the Great Depression. Along with four other former executives for the companies, they are accused of fraud, under-representing the amount of exposure the finance companies had to dodgy mortgages.

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