Posted on 09/09/2011 6:15:37 AM PDT by fight_truth_decay
Regulators are nearing a settlement with Fannie Mae and Freddie Mac over whether the mortgage finance giants adequately disclosed their exposure to risky subprime loans, bringing to a close a three-year investigation.
The proposed agreement with the Securities and Exchange Commission, under the terms being discussed, would include no monetary penalty or admission of fraud, according to several people briefed on the case. But a settlement would represent the most significant acknowledgement
(Excerpt) Read more at dealbook.nytimes.com ...
SEC:
“Yes, mistakes were made at FM/FM. Nothing to see here. Please move along.”
What a joke. They were sanctioned by the SEC when that bunch Raines, Johnson and Goreleck were at the controls over cooking the books...I guess when it comes to GSEs and dems, it takes at least 10 strikes before you are out.
I wonder if these turds at the SEC ever heard the legal term, PRIOR CONDUCT.
Define subprime... sure, no problem. FICO score less than 660. It took me two seconds to figure that out. You’re welcome government.
ahh but lets not forget that many of the sub prime products were used on prime clients (see the elderly and others) who where put in those products without any need.
When the ecconomy crashed and people were laid off (see men were laid off) that is when the fraud / trickery was exposed.
Hey, that sounds racist.
This predictable house of cards started with Carter in 1977 with the CRA.
Everything done since was done to prop it all up.
No longer any braces to do so.
The ‘managers’ of Fannie & Freddie came out the best——they got millions of dollars for keeping the chorus line singing & dancing.
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