S.E.C. Charges Former Fannie and Freddie Chiefs With Fraud – NYTimes.com

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The six executives charged are not expected to face criminal charges.  Fannie and Freddie purchased loans from banks and packaged them, guaranteed them against loss, and sold them as investments known as mortgage backed securities.  The charges are based on the companies misrepresenting the amount of involvement in sub-prime loans.

http://www.nytimes.com/aponline/2011/12/16/us/politics/AP-US-Fannie-Freddie-Charges.html?pagewanted=2&_r=1∣=tw-nytimes

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