Reuters: Regulatory News: Ex-Fannie Mae execs lose bid to end SEC fraud lawsuit

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Ex-Fannie Mae execs lose bid to end SEC fraud lawsuit Aug 10th 2012, 18:58 Fri Aug 10, 2012 2:58pm EDT Aug 10 (Reuters) - Three former senior Fannie Mae executives lost their bid to dismiss a U.S. Securities and Exchange Commission fraud lawsuit accusing them of misleading investors about the company's exposure to risky mortgages. The executives, including one-time Chief Executive Daniel Mudd, had contended that Fannie Mae had explicitly and accurately disclosed its exposure to subprime and so-called "Alt-A" home loans before the government seized the giant mortgage finance enterprise in September 2008. But U.S. District Judge Paul Crotty in Manhattan on Friday said the SEC has plausibly alleged that the defendants knew the company's disclosures were materially misleading, and that some of their conduct constituted "an extreme departure from the standard of ordinary care."

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