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Settlement Said to Be Near for Fannie and Freddie, Comes at an Awkward Time

Settlement Said to Be Near for Fannie and Freddie, Comes at an Awkward Time


POT MEETS KETTLE…

Lets guess they neither ADMIT nor DENY…as it always goes.

But hmmm…

“a settlement would represent the most significant acknowledgement yet … they [GSEs] played a central role”

Deal Time-

Regulators are nearing a settlement with Fannie Mae and Freddie Mac over whether the mortgage finance giants adequately disclosed their exposure to risky subprime loans, bringing to a close a three-year investigation.

The proposed agreement with the Securities and Exchange Commission, under the terms being discussed, would include no monetary penalty or admission of fraud, according to several people briefed on the case. But a settlement would represent the most significant acknowledgement yet by the mortgage companies that they played a central role in the housing boom and bust.

[NEW YORK TIMES]

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BLOOMBERG | SEC Fannie Mae Probe Said to Examine CEO’s Testimony to Congress

BLOOMBERG | SEC Fannie Mae Probe Said to Examine CEO’s Testimony to Congress


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.”

Within 18 months, U.S. regulators seized the government- sponsored mortgage firm and its smaller sibling, Freddie Mac, after losses on soured loans pushed them to the brink of insolvency. The two firms have drawn more than $150 billion in life support from the Treasury since then.

?

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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WaPO | SEC moves to charge Fannie, Freddie execs

WaPO | SEC moves to charge Fannie, Freddie execs


The Securities and Exchange Commission is moving toward charging former and current Fannie Mae and Freddie Mac executives with violations related to the financial crisis, setting up a clash with the housing regulator that oversees the companies, according to sources familiar with the matter.

The SEC, responsible for enforcing securities laws, is alleging that at least four senior executives failed to provide necessary information to investors about the companies’ mortgage holdings as the U.S. housing market collapsed.

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REUTERS | Freddie Mac exec facing possible SEC charges

REUTERS | Freddie Mac exec facing possible SEC charges


By Corbett B. Daly and Rachelle Younglai

WASHINGTON |Thu Feb 24, 2011 8:09pm EST

(Reuters) – A top Freddie Mac (FMCC.OB) executive received notice the government may file charges against him for allegedly violating securities laws in the years leading up to the housing bust, according to a regulatory filing released on Thursday.

Executive Vice President Don Bisenius received a “wells notice” from the Securities and Exchange Commission that the agency is considering filing an enforcement action against him for possibly violating federal securities laws and related rules in 2007 and 2008.

The revelation comes just days after a former Freddie Mac chief financial officer Anthony Piszel also received a similar warning from the SEC. Piszel, who was the mortgage giant’s CFO between 2006 and 2008, was forced to resign earlier this month from CoreLogic Inc (CLGX.N), where he was working as the company’s chief financial officer.

Freddie Mac and sister entity Fannie Mae (FNMA.OB) have both been under investigation since September 2008 for their role in the mortgage crisis.

continue reading …REUTERS

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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CoreLogic Announces Resignation of CFO Anthony ‘Buddy’ Piszel After Wells Notice

CoreLogic Announces Resignation of CFO Anthony ‘Buddy’ Piszel After Wells Notice


CoreLogic  announced today that Anthony “Buddy” Piszel, chief financial officer (CFO), has resigned as CFO effective immediately.  Piszel, who joined CoreLogic in January 2009, will stay on in a non-executive capacity through June 1, 2011 to assist in a smooth transition of his responsibilities.

Piszel has informed the company that he received a Wells notice from the U.S. Securities and Exchange Commission (SEC) staff in connection with certain disclosure matters during Piszel’s tenure at his previous employer, Freddie Mac.  Piszel served as chief financial officer of Freddie Mac from November 2006 to September 2008.

The Wells notice indicates that the SEC staff is considering recommending a civil enforcement action against Piszel.  Under the SEC’s procedures, recipients of a Wells notice have the opportunity to respond in the form of a “Wells submission” in which they seek to persuade the SEC that no action should be commenced.  Piszel has informed CoreLogic that he intends to make such a submission.

SOURCE: CoreLogic

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