Ex-Fannie, Freddie Execs Look To Disclosures For Defense

Law360, New York (December 16, 2011, 11:53 AM EST) -- Former executives of Fannie Mae and Freddie Mac facing fraud suits filed Friday by the U.S. Securities and Exchange Commission will seek to prove that the mortgage giants’ subprime risk disclosures were robust enough that investors could properly evaluate them — but that could be a tall order, attorneys say.

In a pair of lawsuits filed in federal court in Manhattan, the SEC alleges that former Fannie Mae CEO Daniel H. Mudd and former Freddie Mac CEO Richard F. Syron underreported the number of subprime mortgages...
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