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- Government seized Fannie Mae and Freddie Mac on September 8, 2008The New York Times: F.B.I. Looks Into 4 Firms at Center of Turmoil (September 23, 2008)
- Both Fannie Mae and Freddie Mac were quasi-government entitiesThe New York Times: F.B.I. Looks Into 4 Firms at Center of Turmoil (September 23, 2008)
- Conspiracy and fraud charges have already been brought against Bear Stearns employees
- Fannie Mae fraud uncovered in 2006
- Fannie Mae accused of "extensive fraud" The Washington Post: Study Finds 'Extensive' Fraud at Fannie Mae (May 24, 2006)
- Fannie Mae executives received bonuses based on performance of companyThe Washington Post: Study Finds 'Extensive' Fraud at Fannie Mae (May 24, 2006)
- Performance of Fannie Mae overstated as a result of accounting proceduresThe Washington Post: Study Finds 'Extensive' Fraud at Fannie Mae (May 24, 2006)
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The FBI is reportedly investigating Fannie Mae and Freddie Mac for fraud in connection with the September 2008 economic crisis on Wall Street. The FBI says that the fraud investigation is in its initial stages and is one of 26 financial firms being investigated in connection with the mortgage crisis.The New York Times: F.B.I. Looks Into 4 Firms at Center of Turmoil (September 23, 2008) In 2006, the SEC determined that Fannie Mae executives had engaged in "extensive fraud" and fined the entity $400 million.The Washington Post: Study Finds 'Extensive' Fraud at Fannie Mae (May 24, 2006)
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Previous Fraud at Fannie Mae
In 2006, Fannie Mae was fined $400 million for using accounting procedures that gave a more optimistic picture of the financial health of the mortgage giant than was actually the case. The probe found that a weak board of directors allowed Fannie Mae's chief executives at the time, Franklin Raines and J. Timothy Howard, to receive huge financial bonuses based on the supposed financial health of the company.The Washington Post: Study Finds 'Extensive' Fraud at Fannie Mae (May 24, 2006) -
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Fannie Mae Freddie Mac Fraud Questions
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what was Franklin Raines compensation package from freddy mae? 1 AnswerIt is reported that his compensation from 1998 through 2004 was $91.1 million. This amount includes $52.6 million in bonuses. As part of the Fanny Mae settleme... read more -
Were Fannie Mae and Freddie Mac named after real people? 1 AnswerNo, they are the common names for Federal Home Loan Mortgage Corporation (FHLMC) aka "Freddie Mac" and Federal National Mortgage Association (FNMA) aka "Fan... read more -
How were Fannie Mae and Freddie Mac were the least affected by sub-prime mortgages 1 AnswerActually, they could be considered the most affected by sub-prime mortgages, though not necessarily -badly- affected. The simple answer is that they are both G... read more
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More on the Fannie Mae/Freddie Mac Fraud: I wrote here about a very important story, which originated with Edward ... http://bit.ly/9cS0P3
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