>> news, the former ceos and fannie mae and freddie mac are two of the highest ranking figures to face charges in the wake of the housing bust that helped cripple our economy. the securities and exchange commission against them and four top executives at the troubled government-controlled firms. all six of accused of misleading the government and taxpayers. joining us live, the sec said they misled the government and taxpayers in what way?
>> they are saying what they said was on the books. according to the lawsuit and i want to make sure we get it correct. the lawsuit said that fannie mae told investor that is it had roughly $4.8 billion worthwhile of subprime loans on the books. that would be about 2/10 of 1% of the total portfolio. the sec said that was wrong and allege that fanny actually had about $43 billion worth of subprime products on the books which would be 11% of the total holdings. that's the nugget and the heard of the sec's charges. everyone involved in this case denied that and as a matter of fact mr. mud said that every piece of material and data about loans held by fannie mae was known to the united states government and the investing public. they are denying culpability in this and certainly as you mentioned, these are top officials and the subprime crisis continues to ripple through the economy and this story will have a lot of legs. we will be hearing about this for sometime. involved
Source: http://video.msnbc.msn.com/newsnation/45700971/
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