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Thread: Ex-Fannie Mae, Freddie Mac execs charged with fraud

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    Ex-Fannie Mae, Freddie Mac execs charged with fraud

    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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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Oh, this should be good... Looking forward to this one unfolding.

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Send everyone connected with either one to jail.

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Quote Originally Posted by lpast View Post
    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
    It's about time!!!

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Someone call Newt...it's over.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    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?
    Last edited by Aunt Spiker; 12-16-11 at 12:27 PM.
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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    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.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Quote Originally Posted by KevinKohler View Post
    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.
    I hope you aren't happy.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Quote Originally Posted by coolwalker View Post
    Send everyone connected with either one to jail.
    you might want to note that these are CIVIL - not criminal - charges
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    Re: Ex-Fannie Mae, Freddie Mac execs charged with fraud

    Quote Originally Posted by justabubba View Post
    you might want to note that these are CIVIL - not criminal - charges
    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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