Former Fannie Mae, Freddie Mac executives testify before House committee in Washington
Richard Syron, former CEO of Freddie Mac, testifies before a House Oversight and Government Reform Committee about the roles of Fannie Mae and Freddie Mac in the financial and mortgage crises on Capitol Hill in Washington on December 9, 2008. (UPI Photo/Roger L. Wollenberg)
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U.S. finance regulators have charged former executives of the nation's largest mortgage brokers with misleading investors about their risky mortgages holdings.
The chief executive officer of the Federal Home Mortgage Corp. did not heed warnings the company was headed for trouble, sources said.
The U.S. economy could sink as the media show evicted homeowners standing helplessly in front of their foreclosed homes, Freddie Mac's head said Tuesday.
Fannie Mae and Freddie Mac will buy billions of dollars in subprime home mortgage loans, the U.S. mortgage finance companies said Wednesday.
Freddy Mac, the housing finance company, plans to put $1 billion into mortgages and home-repair loans in areas damaged by Hurricane Katrina.
Freddie Mac Thursday named Eugene McQuade president and chief operating officer, effective Sept. 1.
Federal regulators investigating Freddie Mac's accounting are seeking $100 million or more from the company to settle possible civil charges.
Freddie Mac is expected to announce it has selected Richard Syron, a former head of the American Stock Exchange, to become its new chief executive officer.
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