FINALLY Someone has been Charged....

[Warthogg]

Dodd and Frank walk free of course but at least six dirt bags are charged.

Wart

Those charged include the agencies' two former CEOs, Fannie's Daniel Mudd and Freddie's Richard Syron. They are the highest-profile individuals to be charged in connection with the 2008 financial crisis.

Ex-Fannie, Freddie executives charged with fraud

WASHINGTON (AP) - The Securities and Exchange Commission has brought civil fraud charges against six former top executives at Fannie Mae and Freddie Mac, saying they misled the government and taxpayers about risky subprime mortgages the mortgage giants held during the housing bust.

Those charged include the agencies' two former CEOs, Fannie's Daniel Mudd and Freddie's Richard Syron. They are the highest-profile individuals to be charged in connection with the 2008 financial crisis.

Mudd and Syron led the mortgage giants when the housing bubble burst in late 2006 and 2007. The four other top executives also worked for the companies during that time.

The case was filed in federal court in New York City. Lawyers for Mudd and Syron couldn't be reached for comment.

According to the lawsuit, Fannie told investors in 2007 that it had roughly $4.8 billion worth of subprime loans on its books. The SEC says that Fannie actually had about $43 billion worth of products targeted to borrowers with weak credit.

Freddie said about 11 percent of its single-family loans were subprime in 2007. The SEC says it was closer to about 18 percent.

[El Laton Caliente]

It would be interesting to look and see if these were all Republican nominations. Where is the worst of all, Raines? He is the Klinton appointee that road it into the ground and ran away with a $10 Million golden parachute...

[mriddick]

Finally some vindication of the reasoning it was freddy and fannie that started all this..

[old Grump]

But what changes will occur now to correct the damage they did and prevent it from happening again?

[Warthogg]

It would be interesting to look and see if these were all Republican nominations.

I was looking for an answer and found this:

but the fact that finally after almost two decades the fleecing of the American taxpayer is about to be investigated for civil fraud, not criminal fraud.
Keep in mind an investigation could take months and even years if done properly, which would mean that after the 2012 elections the Tea Party led Congress and most likely a Republican President could expand this investigation to criminal charges.




Most inside the beltway know who the main political players are. They took billions of taxpayer dollars and they were and are capable of anything to maintain their power.
As a financial and political analyst I've followed the many financial atrocities of these two organizations.

But, on April 22, 2009 when the Dow Jones Average dipped below 8,000 and there were the beginning cries for heads at Fanny and Freddie, the acting CFO of Freddie, David Kellermann, 41, was found dead in his Vienna, Virginia home early that morning. Police said Kellermann's death was an apparent suicide. But was it?
There was talk of a note left by Kellermann and a thorough autopsy would be performed. That would take weeks! Why weeks? Also were is the note and what did it say? This information has yet to been released. Why?

With only four months in office, the new President from Chicago Obama, sure didn't need a Democrat led scandal of massive dimensions the nation has ever seen.

Needless to say, the timely demise of a sixteen year veteran of Freddie Mac seemed unusual to say the least. The timing of his death is still a mystery to many over these two trying-financial years with no real answers.

http://shutking.blogspot.com/

The Dimocrats do leave the landscape littered with bodies.

[Warthogg]

Here are where the top two dirt bags have landed.

Wart

Mudd was fired from Fannie after the government took over. He's now the chief executive of the New York hedge fund Fortress Investment Group.

Syron resigned from Freddie in 2008. He's now an adjunct professor at Boston College.

[Warthogg]

But what changes will occur now to correct the damage they did and prevent it from happening again?

Here is sorta/kinda an answer:

In July, Citigroup paid just $75 million to settle similar civil charges with the SEC. The company's chief financial officer and head of investor relations were accused of failing to disclose more than $50 billion worth of potential losses from subprime mortgages. The two executives charged paid $100,000 and $80,000 in civil penalties.

http://www.usatoday.com/money/econom...Top+Stories%29

Wart

[Warthogg]

Guess in fairness I should add this TOP SECRET info. I certainly did not know.


Wart

The SEC has charged more than 80 people, including 40 CEOs and senior executives, with violations stemming from the 2008 financial crisis.

http://www.usatoday.com/money/econom...Top+Stories%29