Friday, December 16, 2011

SEC Sues Ex-CEOs Of Fannie Mae And Freddie Mac For Misleading Subprime Disclosures

From Bloomberg, "Ex-Freddie, Fannie CEOs Sued Over Loans" by David Glovin and Joshua Gallu:
Daniel Mudd, the former chief executive officer of Fannie Mae, and Richard Syron, ex-CEO of Freddie Mac, were sued by the U.S. Securities and Exchange Commission for understating by hundreds of billions of dollars the subprime loans held by the firms.
Also named as defendants are Patricia Cook, Freddie Mac’s former executive vice president; Donald Bisenius, ex-senior vice president at Freddie Mac; Enrico Dallavecchia, who was chief risk officer for Fannie Mae; and Thomas Lund, Fannie’s Mae’s former executive vice president.

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