Mortgage Giants Leave Legal Bills to the Taxpayers

Gerald · 01-24-11, 08:43 AM

Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud. The cost was a closely guarded secret until last week, when the companies and their regulator produced an accounting at the request of Congress. The bulk of those expenditures — $132 million — went to defend Fannie Mae and its officials in various securities suits and government investigations into accounting irregularities that occurred years before the subprime lending crisis erupted. The legal payments show no sign of abating.

http://www.nytimes.com/2011/01/24/bu...24fees.html?hp

Note: January 24, 2011

01-24-11, 08:43 AM	#1
Gerald SUBSIM Newsman Join Date: May 2008 Location: Close to sea Posts: 24,254 Downloads: 553 Uploads: 0	Mortgage Giants Leave Legal Bills to the Taxpayers Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud. The cost was a closely guarded secret until last week, when the companies and their regulator produced an accounting at the request of Congress. The bulk of those expenditures — $132 million — went to defend Fannie Mae and its officials in various securities suits and government investigations into accounting irregularities that occurred years before the subprime lending crisis erupted. The legal payments show no sign of abating. http://www.nytimes.com/2011/01/24/bu...24fees.html?hp Note: January 24, 2011 __________________ Nothing in life is to be feard,it is only to be understood. Marie Curie