#1 Fannie Mae, Freddie Mac get subpoenas from FBI09-29-2008, 06:24 PM
Fannie Mae, Freddie Mac get subpoenas from FBI
Fannie Mae and Freddie Mac, already on a list of companies being investigated for possible accounting misstatements by the FBI, have now been served federal grand jury subpoenas.
The two companies say they are also facing an investigation by the U.S. Securities and Exchange Commission.
The subpoena seeks documents relating to accounting, disclosure and corporate governance matters dating back to January 2007, Freddie Mac said in a statement.
Freddie Mac and Fannie Mae were both seized by the government and put into conservatorship Sept. 7 after mounting losses tied to subprime mortgage investments. The Treasury has agreed to invest up to $200 billion in the two companies to prevent them from collapsing.
The grand jury subpoena came from the U.S. attorney’s office for the Southern District of New York.
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