SEC Indicts Former Fannie Mae and Freddie Mac Execs for Securities Fraud

The Securities and Exchange Commission has charged six former Fannie Mae and Freddie Mac executives with securities fraud alleging that the executives knew and approved of untrue or misleading statements regarding the companies' exposure to risky investments such as subprime loans.  As part of the indictments, Fannie Mae and Freddie Mac have signed Non-Prosecution Agreements with the SEC whereby the companies agreed to accept responsibility for their actions.