Richard Syron News
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Robert Diamond’s resignation from Barclays Plc adds to the list of chairmen or chief executive officers at the world’s largest banks who were replaced after losses or accusations of mismanagement. The timeline below provides a summary of the circumstances surrounding two dozen departures starting in 2007.
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Daniel Mudd, the former chief executive officer of Fannie Mae, and Richard Syron, ex-CEO of Freddie Mac, were sued by the U.S. Securities and Exchange Commission for understating by hundreds of billions of dollars the subprime loans held by the firms.
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Richard Syron , the former chairman and chief executive of Freddie Mac , has been notified by U.S. regulators that he may face civil claims for failing to fully disclose the company’s exposure to risky mortgages, according to two people who have been briefed on the matter.
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Daniel Mudd, the former chief executive officer of Fannie Mae, and Richard Syron, ex-CEO of Freddie Mac, were sued by the U.S. Securities and Exchange Commission for understating by hundreds of billions of dollars the subprime loans held by the firms.
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Former Freddie Mac Chief Executive Officer Richard Syron was sued by the Securities and Exchange Commission in Manhattan federal court.
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On a stormy night in October 2009, Mary Schapiro , the newly appointed head of the U.S. Securities and Exchange Commission, returned to her alma mater, Franklin & Marshall College in Lancaster, Pennsylvania, to be inducted into the hall of fame for student athletes. Receiving her award, she grasped the podium, confessed she was near tears and spoke of how she had never even seen a lacrosse game before attending college.
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Bank of America Corp. will pay a record $335 million to compensate Countrywide Financial Corp. borrowers who were charged more for home loans based on race and national origin.
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As the housing market deteriorated in April 2007, Fannie Mae Chief Executive Officer Daniel Mudd reported to Congress on his company’s health. The firm’s exposure to subprime loans, he told lawmakers, “remains minimal, less than 2.5 percent of our book.”
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Let’s boil down the Securities and Exchange Commission’s claims last week against six former Fannie Mae and Freddie Mac executives to their essence. Every disclosure that the SEC says amounted to fraud is something the government blessed or turned a blind eye to as it was happening.
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Republican presidential candidate Newt Gingrich said during a Nov. 9 debate that he earned a $300,000 fee to advise Freddie Mac as a “historian” who warned that the mortgage company’s business model was “insane.”
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