"Six former executives at Fannie Mae and Freddie Mac are now facing securities fraud charges (that means JAIL) for making misleading statements about the companies' holdings of subprime loans between March 2007 and August 2008. The Securities and Exchange Commission (SEC) alleges they fed the markets false information about the amount of risk on each company's books. Both GSEs entered into non-prosecution agreements (means prosecutor's WEAK) with the SEC and have agreed to cooperate in the litigation against their former executives ... in which each company agreed to accept responsibility for its conduct and not dispute, contest, or contradict the contents of an agreed-upon Statement of Facts without admitting any wrongdoing."
Ya know, it's stuff like this that makes my blood boil - years later they finally are about to be brought to justice, and the 'big-boys' always they get off. Now, don't get me wrong ... I'm not one of those 'occupado' 99%er people, but like you, I too am sick & tired of the major lack of aggressive enforcement of the laws we all see everyday.
I got a real kick reading the language they used in this article to try and sound not-guilty, some quoting of these exec statements: (no subprime, we only had...) “basically no subprime exposure,” subprime like” "expanded approval” "Alt-A loans" when actually Freddie Mac had $244Billion and almost 20% of Fannie Mae's portfolio was full of them! This isn't an inditment of the loan types, it's all about the FRAUD.
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