Defendant Name:
Federal Home Loan Mortgage Corporation
Defendant Type:
Public Company
SIC Code:
6111
CUSIP:
31340030
Document Reference:
2011-267-Fed Home Loan
Document Details
Legal Case Name
Non-Prosecution Agreement with Federal Home Loan Mortgage Corporation
Document Name
SEC Charges Former Fannie Mae and Freddie Mac Executives with Securities Fraud: Companies Agree to Cooperate in SEC Actions
Document Date
16-Dec-2011
Document Format
Civil Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On December 16, 2011, the SEC announced that it charged six former top executives of the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac") with securities fraud, alleging they knew and approved of misleading statements claiming the companies had minimal holdings of higher-risk mortgage loans, including subprime loans. Fannie Mae and Freddie Mac each entered into a Non-Prosecution Agreement with the SEC in which each company agreed to accept responsibility for its conduct and not dispute, contest, or contradict the contents of an agreed-upon Statement of Facts without admitting nor denying liability. Each also agreed to cooperate with the SEC's litigation against the former executives. In entering into these Agreements, the SEC considered the unique circumstances presented by the companies' current status, including the financial support provided to the companies by the U.S. Treasury, the role of the Federal Housing Finance Agency as conservator of each company, and the costs that may be imposed on U.S. taxpayers.
Disgorgement & Penalty Information
Resolutions
Non-Prosecution Agreement
Various Undertakings
