Richard Syron

5 Stories

SEC Sues Ex- Fannie, Freddie CEOs

Firms wildly misrepresented exposure to subprime loans: feds

(Newser) - Federal regulators are suing former Fannie Mae boss Daniel Mudd and ex-Freddie Mac CEO Richard Syron for vastly downplaying the volume of subprime loans their firms held. Freddie Mac suggested it was exposed to between $2 billion and $6 billion in subprime loans; the figure was more like $244 billion.... More »

Fannie, Freddie Brushed Off Subprime Warnings

Companies ignored risk experts for years

(Newser) - Fannie Mae and Freddie Mac can’t say they weren’t warned. Internal documents obtained by the Washington Post show that both companies had internal factions who stressed the dangers of subprime mortgages several years ago. At Freddie Mac, the former chief enterprise risk officer wrote that the loans could... More »

Fannie, Freddie CEOs in Line for Millions in Severance

Mudd, Syron each stand to net at least $6M; critics rip 'pay for failure'

(Newser) - The CEOs of Freddie Mac and Fannie Mae will receive millions in severance pay, pension payouts, and other benefits after the government’s takeover of the mortgage giants, the Los Angeles Times reports. Fannie’s Daniel Mudd stands to take away $7.3 million, and Freddie’s Richard Syron will... More »

Freddie CEO Dismissed Bad Omens for Years

Execs charge Syron was warned of disaster

(Newser) - The CEO of Freddie Mac disregarded several warnings from inside the company that the mortgage giant faced imminent disaster. More than two dozen current and former high-ranking employees told the New York Times that Richard Syron dismissed repeated recommendations from as early as 2004 to limit its exposure to bad... More »

Freddie Mac Posts 45% Net Drop

Mortgage giant sees $320 million loss on new mortgages in Q2

(Newser) - Freddie Mac posted a 45% drop in net income for the second quarter, and said the outlook wasn't rosy for the third. The home-mortgage financier was hit with a $320 million loss on new mortgages. Freddie Mac doesn't buy subprimes directly, but is still affected by the general mortgage turmoil. More »

5 Stories