Ex-Freddie Mac, Fannie Mae chiefs sued by SEC over loans


COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT

EDITOR’S COMMENT: In my opinion they should not be just sued by a regulatory agency with a civil result. And whatever Obama says he has been told, the acts committed were illegal and probably criminal, despite reports to him to the contrary. Yet this is a good step forward.

Although it is a premature, I have been working on a Fannie Mae Loan Analysis and I think it is appropriate to share my notes, so far: ANALYSIS OF FNMA LOANS. By the way, this is not on the store. If you want this type of work from me it takes 8-10 hours and the cost is very high. You can write to neilfgarfield@hotmail.com if you want this done for you. I only do perhaps one per month. At such time that I can reduce it to a template and have assistants or volunteers create reports out of it, like we do with the COMBO, I will post it as something you can buy as a commoditized version directed at your loan.


Richard Syron, the former chief executive officer of Freddie Mac, and Daniel Mudd, ex-CEO of Fannie Mae, were sued by the U.S. Securities and Exchange Commission over disclosures they made about subprime loans.

Complaints were filed against the two men today in Manhattan federal court. Also sued by the regulator were Enrico Dallavecchia, who was chief risk officer for Fannie Mae; Thomas Lund, Fannie’s Mae’s former executive vice president; Patricia Cook, Freddie Mac’s former executive vice president; and Donald Bisenius, who was a senior vice president at Freddie Mac.

“This action arises out of series of materially false and misleading public disclosures,” the SEC said in the complaint filed against Syron. The agency seeks unspecified damages against the defendants. Fannie Mae or Freddie Mac aren’t named as defendants in the case.

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