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Ex-Fannie Mae, Freddie Mac execs charged with fraud

lpast

lpast

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If found guilty lets hope they get decades long prison terms....Could this be the real reason Barney Franks isnt running for re election ?


The Securities and Exchange Commission alleges former executives of Freddie Mac and Fannie Mae misled investors with subprime mortgages.The agency announced civil charges Friday in federal court in Manhattan. It's seeking disgorgement of any profits and penalties against three former executives for each of the government-sponsored enterprises that underwrote and sold billions of dollars worth of subprime mortgages during the housing boom.
The SEC said the executives knew and approved of misleading statements claiming the companies had minimal holdings of higher-risk mortgage loans, including subprime loans.


Ex-Fannie, Freddie execs charged with fraud
 
Oh, this should be good... Looking forward to this one unfolding.
 
Send everyone connected with either one to jail.
 
lpast said:
If found guilty lets hope they get decades long prison terms....Could this be the real reason Barney Franks isnt running for re election ?


The Securities and Exchange Commission alleges former executives of Freddie Mac and Fannie Mae misled investors with subprime mortgages.The agency announced civil charges Friday in federal court in Manhattan. It's seeking disgorgement of any profits and penalties against three former executives for each of the government-sponsored enterprises that underwrote and sold billions of dollars worth of subprime mortgages during the housing boom.
The SEC said the executives knew and approved of misleading statements claiming the companies had minimal holdings of higher-risk mortgage loans, including subprime loans.


Ex-Fannie, Freddie execs charged with fraud
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It's about time!!!
 
No - not over.

They're charged - will the charges stick, will a conviction result? And why in the HELL did it take so dang long?
 
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Anyone remember the Enron folks? How long did that debacle run? And they were PRIVATE entities. I can only imagine the crap flinging, the lying, and the deliberate obfuscation of the truth that is going to unfold. Our court and legal system seems to be designed SPECIFICALLY so folks like this WON'T do time. I can still hear Blagoyavhich repeating "I have no recollection" over and over and over again. And where is he now? Not yet in prison, is he? And when he goes, do you think he'll be in the same prison the rest of the normal law breakers go? Personally, I simply won't be happy till I see some leaked photos of some of these guys getting raped in the ass.
 
KevinKohler said:
Anyone remember the Enron folks? How long did that debacle run? And they were PRIVATE entities. I can only imagine the crap flinging, the lying, and the deliberate obfuscation of the truth that is going to unfold. Our court and legal system seems to be designed SPECIFICALLY so folks like this WON'T do time. I can still hear Blagoyavhich repeating "I have no recollection" over and over and over again. And where is he now? Not yet in prison, is he? And when he goes, do you think he'll be in the same prison the rest of the normal law breakers go? Personally, I simply won't be happy till I see some leaked photos of some of these guys getting raped in the ass.
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I hope you aren't happy.
 
justabubba said:
you might want to note that these are CIVIL - not criminal - charges
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Right. On the one hand I'm glad there is something. What they are accused of doing though is supposed to be criminal. I'm going to tell you what will happen. They will agree to not pursue or forfeit any of the future earnings their contracts gave them. That is, no golden parachutes. They get to keep the millions they have already pilfered but won't get anything more.

That's better than nothing but it's also a complete cop out on the part of the government.
 
I wonder if any of this will filter down to Barney Frank? I'm sure the timing of his retirement had nothing to do with his FNMA problems.
 
lpast said:
If found guilty lets hope they get decades long prison terms....Could this be the real reason Barney Franks isnt running for re election ?


The Securities and Exchange Commission alleges former executives of Freddie Mac and Fannie Mae misled investors with subprime mortgages.The agency announced civil charges Friday in federal court in Manhattan. It's seeking disgorgement of any profits and penalties against three former executives for each of the government-sponsored enterprises that underwrote and sold billions of dollars worth of subprime mortgages during the housing boom.
The SEC said the executives knew and approved of misleading statements claiming the companies had minimal holdings of higher-risk mortgage loans, including subprime loans.


Ex-Fannie, Freddie execs charged with fraud
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Awww, darn it...And here I thought that Franklin Raines would be one of the ones charged....Then maybe we could claw back some of the money he stole.


j-mac
 
jimbo said:
I wonder if any of this will filter down to Barney Frank? I'm sure the timing of his retirement had nothing to do with his FNMA problems.
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no way could it be because he is tired of doing this after thirty years at the age of 71 [/s]
 
j-mac said:
Awww, darn it...And here I thought that Franklin Raines would be one of the ones charged....Then maybe we could claw back some of the money he stole.


j-mac
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hopefully, those charged will roll over on him
 
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lpast said:
If found guilty lets hope they get decades long prison terms....Could this be the real reason Barney Franks isnt running for re election ?


The Securities and Exchange Commission alleges former executives of Freddie Mac and Fannie Mae misled investors with subprime mortgages.The agency announced civil charges Friday in federal court in Manhattan. It's seeking disgorgement of any profits and penalties against three former executives for each of the government-sponsored enterprises that underwrote and sold billions of dollars worth of subprime mortgages during the housing boom.
The SEC said the executives knew and approved of misleading statements claiming the companies had minimal holdings of higher-risk mortgage loans, including subprime loans.


Ex-Fannie, Freddie execs charged with fraud
Click to expand...
Civil charges do not result in prison time.Seeing how the standards for civil trials are much lower than the standards for criminal trials the execs will be found guilty really easy.
 
jamesrage said:
Civil charges do not result in prison time.Seeing how the standards for civil trials are much lower than the standards for criminal trials the execs will be found guilty really easy.
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They will not be found guilty of anything because there will be no trial.
 
1Perry said:
Right. On the one hand I'm glad there is something. What they are accused of doing though is supposed to be criminal. I'm going to tell you what will happen. They will agree to not pursue or forfeit any of the future earnings their contracts gave them. That is, no golden parachutes. They get to keep the millions they have already pilfered but won't get anything more.

That's better than nothing but it's also a complete cop out on the part of the government.
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I agree. And you're likely right that it won't go to trial. Sadly.
 
jimbo said:
I wonder if any of this will filter down to Barney Frank? I'm sure the timing of his retirement had nothing to do with his FNMA problems.
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It won't, or to any of the others, which includes both republicans and democrats. Sadly.
 
justabubba said:
no way could it be because he is tired of doing this after thirty years at the age of 71 [/s]
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I would doubt it. Old politicians never fade away, they die in office, or resign when their asses are getting too close to the fire.
 
justabubba said:
no way could it be because he is tired of doing this after thirty years at the age of 71 [/s]
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That would be something I could agree with him on. I've been tired of him doing his job for a very long time.
 
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