U.S. securities regulators sued six former executives at Fannie Mae and Freddie Mac on Friday, including ex-CEOs of both mortgage finance companies, saying they misled investors over exposure to risky home loans.
The U.S. Securities and Exchange Commission sued three former executives at Fannie Mae and three at Freddie Mac. The civil charges were brought in two separate lawsuits filed in U.S. District Court in Manhattan.
The SEC accused former Fannie Mae CEO Daniel Mudd, former Freddie Mac CEO Richard Syron and four other defendants of knowingly approving false statements to investors that drastically misrepresented the extent of the firms’ exposure to toxic mortgages.
Read more at the Chicago Tribune
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