September 29, 2008
Fannie, Freddie Subpoenaed, Investigated
By Matthew L. Brown
Fannie Mae and Freddie Mac both said today that they've been subpoenaed by federal prosecutors.
Both semi-public mortgage giants were recently taken over by the federal government as the subprime mortgage collapse threatened their existence.
Freddie Mac said it had been subpoenaed by the U.S. Attorney's Office for the Southern District of New York seeking accounting, disclosure and corporate governance-related documents dating back to Jan. 1. The company also said it has received notice that it is being investigated by the U.S. Securities and Exchange Commission, which asked the company to preserve documents.
Fannie Mae said it had received a similar subpoena and expects to receive notice of an investigation by the SEC.
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