Six Former Fannie Mae And Freddie Mac Executives With Fraud

The Securities and Exchange Commission has charged six former top executives at Fannie Mae and Freddie Mac with civil fraud. The SEC says the executives misled the government and taxpayers about risky subprime mortgages, the Associated Press reported. The agencies' two former CEOs, Fannie's Daniel Mudd and Freddie's Richard Syron, are among those charged. They led the companies when the housing bubble burst in late 2006 and 2007. The four other top executives also worked for the companies during that time. Fannie and Freddie own or guarantee about half of U.S. mortgages, or nearly 31 million loans. The Bush administration seized control of the mortgage giants in September 2008.