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Ex-Freddie, Fannie Chiefs Sued By SEC

The Securities and Exchange Commission charged six former executives of Fannie Mae and Freddie Mac with securities fraud on Friday for misrepresenting their holdings of high-risk mortgage loans.

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The Securities and Exchange Commission charged six former executives of Fannie Mae and Freddie Mac with securities fraud on Friday for misrepresenting their holdings of high-risk mortgage loans.

The SEC is targeting three former executives of Freddie Mac, including chief executive officer Daniel Mudd, chief risk officer Enrico Dallavecchia and executive vice president of single-family mortgage business Thomas Lund.

The agency is also going after three former executives of Fannie Mae: CEO Richard Syron, executive vice president and chief business officer Patricia Cook and executive vice president for the single family guarantee business Donald Bisenius.

The SEC is seeking financial penalties against them, but did not specify an amount.

The headline for this really caught my eye, but there it is "financial penalties," big, freaking deal. They'll pretend to be ashamed, then pay their fines with federal TARP funds that came from our tax dollars.

There have been 5610 protesters arrested worldwide as of today.

Protesters: 5,610 Bankers: 0.

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