Ex-Fannie Mae CEO urges U.S. judge to toss SEC fraud case

January 27, 2016 9:05 PM

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Ex-Fannie Mae CEO urges U.S. judge to toss SEC fraud case

NEW YORK Daniel Mudd, the last holdout among former top Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) executives accused of concealing risky mortgages that fueled the financial crisis, told a judge on Wednesday a U.S. regulator's lawsuit seeking to hold him responsible should be thrown out.

A lawyer for Mudd, who was Fannie Mae's chief executive, said the U.S. Securities and Exchange Commission failed to prove his client fraudulently concealed more than $441 billion of risky home loans before the government seized the mortgage finance company in September 2008.

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