Former Fannie execs denied dismissal of subprime fraud suit

Judge Crotty Rejects Ex-Fannie Mae Executives’ Bid to Dismiss SEC Charges By Laurie Edelstein on August 14, 2012 Posted in SDNY Blog Last Friday, Judge Crotty denied the attempt of three former Fannie Mae executives to dismiss the SEC’s charges that they mislead investors about the company’s exposure to subprime mortgages.

The Justice Department has added a former executive at Countrywide to a lawsuit. prevent fraud in connection with the loans, which Fannie and Freddie bought from the companies over roughly 18. Mudd has denied. the SEC’s suit, there was news that the FBI was getting involved.

In a 14-page opinion, U.S. District Judge Paul Crotty denied a motion for summary judgment by Mudd, saying a jury could find many of the disclosures that fannie mae issued about the high-risk home.

But the judge largely denied a motion to dismiss the suit against Countrywide. The judge also dismissed claims against former Countrywide co-founder Angelo Mozilo and former executives David Sambol. Former Freddie mac ceo richard syron and two other former executives from the GSE have agreed to a settlement with the U.S. Securities and exchange commission (sec ) to resolve claims of fraud.

Matthew Tannin, the former Bear Stearns Cos. hedge-fund manager accused of misleading investors, didn’t commit a crime even though the collapse of his funds “did not turn out well,” his lawyer said..

Ex-Fannie Mae (FNM) CEO Daniel Mudd, former single family mortgage business EVP Thomas Lund, and ex-chief risk officer Enrico Dallavecchia had sought to have the lawsuit dismissed because they said that the Commission failed to make its case against them. Judge Paul Crotty has denied their motion.

The agency brought the suit in December 2011, alleging that Mudd and two other former Fannie Mae executives vastly underreported the volume of subprime and other risky loans it had on its books.

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He has denied both the civil and criminal charges against him. He and three other Stanford Group Co. executives sued the Lloyd. JPMorgan Moves to Dismiss Jefferson County, Alabama, Fraud Suit.

The securities fraud charges were lodged in the U.S. District Court for the Southern District of New York. In one complaint, fraud charges were leveled against former Fannie Mae CEO Daniel Mudd.

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