Free Republic

In what was billed as a high profile case, the SEC had sought financial and other penalties against three former Freddie Mac executives who allegedly “misled” investors in 2006 by understating the amount of subprime exposure the GSE had on its books while it was simultaneously still sucking up/packaging bad loans. SNIP-- Here’s AP: According to the SEC, Fannie and Freddie misrepresented their exposure to mortgages for borrowers with weak credit in reports, speeches and congressional testimony. The SEC said Freddie told investors in late 2006 that it held between $2 billion and $6 billion of subprime mortgages on its...