The Securities and Exchange Commission late on Sunday filed securities fraud charges against six former Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) executives.
The SEC court filing showed that executives had claimed that their company’s exposure from 2007 to 2008 was between $2bn and $6bn, when it was actually as high as $244bn.
Those alleged of fraud include former Fannie Mae CEO Daniel Mudd, vice president of Single Family Mortgage, Thomas Lund, and chief risk officer Enrico Dallavecchia. The names for Freddie Mac executives include CEO Richard Syron, Vice President Patricia Cook, and Single Family Guarantee Vice President, Donald Bisenius.
