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