Fannie Mae Class Action Lawsuit Filed for Investors
By: AboutLawsuits | Published: September 10th, 2008
A lawsuit has been filed against four former executives of Fannie Mae, claiming that they made false statements and failed to disclose material facts during the months leading up to the U.S. government’s seizure of the company last week. The Fannie Mae lawsuit seeks class action status on behalf of all investors who purchased securities between November 16, 2007, and September 5, 2008.
Fannie Mae is a government sponsored company that was privately owned and operated until last week when the federal government seized control to prevent the collapse of the mortgage industry. Along with Freddie Mac, another similar company, Fannie Mae owns or guarantees about half of the $12 trillion U.S. home loan market by providing mortgages for properties.
On Sunday, September 7, 2008, Fannie Mae was taken over and put under a conservatorship of the Federal Housing Finance Agency. Following the action, shares are now trading at less than $1, which is more than an 80% drop from Friday’s closing price.
The Fannie Mae class action suit, which was filed in the U.S. District Court for the Southern District of New York , alleges that the former chairman of the company, former chief executive officer, former chief financial officer and former chief business officer made false and misleading statements about the financial condition of Fannie Mae to create inflated stock prices and protect their substantial financial compensation packages.
According to the lawsuit, CEO Daniel Mudd received over $14 million in compensation in 2006 and $12 million in 2007; chief business officer Robert Levin received over $9.5 million in 2006 and over $8.4 million in 2007; CFO Stephen Swad received over $4.8 million in 2007; and chairman of the board Stephen Ashley received over $500,000 in 2007.
Fannie Mae was severely affected by the sub-prime mortgage crisis in late 2007 and early 2008. Borrowers with poor credit defaulted on mortgages, leading to a sharp fall in demand for mortgage-backed securities that were not backed by Fannie Mae or Freddie Mac. This led to the companies becoming responsible for nearly 80% of all new mortgages.
A decline in home prices resulted from increasing foreclosures on mortgaged homes and stricter lending requirements made borrowing money for housing purchases more difficult. Fannie Mae suffered huge financial losses as its stock value fell more than 90% in August 2008 from the one year previous level.
The class action Fannie Mae lawsuit alleges that the four executives made false statements about the company’s financial position and the capital raised in Fall 2007 and Spring 2008. It also claims that they failed to disclose adverse facts to the public, deceived investors about the company’s business and prospects and artificially raised the company’s publicly traded securities, causing investors to buy stock at the inflated prices.
Comment by art herrera on 10 September 2008:
How does one participate in the FNM and FRE class action lawsuit?
Comment by Catherine on 12 September 2008:
Please advise on class action against Fannie Mae. Thank you
Comment by john on 22 September 2008:
Where is the Freddie Mac Class Action?
Comment by anthony on 2 October 2008:
Please advise me how I can participate is the FNM class action lawsuit as I was a substatntial investor in Fannie Mae during the applicable period. Many thanks
Comment by Gerald on 14 October 2008:
Years did I save, years did I pay my taxes, my bills, my way through life. Finally, after much hard work and sacrifice, I had enough money to begin investing for retirement. Though I diversified no loss was as unexpected as that brought by Fannie Mae. Reeled in by statements of a sound company and an attractive dividend the majority of my retirement was with Fannie Mae. I lost in a mere 2 weeks that which took me nearly 20 years to gather. Now, what will I retire on? I was not rewarded for the Fannie Mae failure. Perhaps these executives will share as they have been rewarded for deceit and poor decisions. Are not executives originally promoted through the ranks or hired and compensated based on their ability to make good decisions? And what of the cuts and aches and pains necessary to acheive the original funds lost. What of the years toil crushed as if nothing? How will they compensate for this?
Comment by H.C. on 15 October 2008:
Three weeks after purchasing 3000 preferred shares of Fannie Mae and Freddy Mac, they were worth nothing. Please advise how I might join a class action suit, against personages from those institutions or against the Broker, UBS, who makes a market in those securities.
Comment by James on 28 October 2008:
I also bought Fannies and Freddies and want to be involved in a class action suit to recover my losses.
Comment by kevin on 6 November 2008:
I also bought fannie and freddie common shares in mid July of this year and would like to get involved in the classaction suit to recover my losses.
Comment by Mary on 16 November 2008:
In December 2007, I invested my IRA funds in Fannie Mae and Freddie Mac Preferred shares because I was led to believe that it was a secure long term investment since those Government Sponsored Agencies had the implicit guarantee of the US Government. The dividend would help sustain me through retirement since Social Security is not sufficient.
Throughout my whole life I worked very hard and made many sacrifices to pay my mortgage and my bills and to save for retirement. Now that I am approaching retirement age, the income I was counting on is gone and my IRA was wiped out. Will they ever start paying those dividends again? I am too old to save for retirement now. What am I going to do?
Comment by Mobatsinh on 23 November 2008:
after purchasing 2000 preferred shares of Fannie Mae they were worth nothing. I might join a class action suit, against personnel from those institutions or against the Broker, Smith Barney, who will call me from his personal telephone and told me it was guaranteed by US gov
Comment by Steve on 26 November 2008:
I also owned 2000 shares of FNM preferred for less than a month. I would love to see and be involved in a class action suit against FNM, the government and anyone else that caused this mess. A good rule of thumb for the future, if the government is involved be very very careful and get out as soon as possible !!
Comment by FannieMaeFraud on 28 November 2008:
I purchased roughly $150,000 worth of Fannie Mae and Freddie Mac stock after reading numerous USA Today articles in August and September of 2008. The articles quoted the CEOs and the Fed who both clearly indicated that the companies were financially sound with over 30 trillion in assets and substantial cash reserves.
This was also reported on all the cable TV stations and everyone claimed the stock price was being driven down by short sellers and hedge funds. I still have the actual USA Today newspapers! This was outright securities fraud. Yes, FRAUD! I want to join the lawsuit. I would like to see someone name the Fed and the CEOs for lying on national TV and then basically taking all the stock. Someone would have paid $5 or $10/share for the assets alone. Why isn’t AIG being taken over?
Comment by Lou on 3 December 2008:
I would like to join any and all lawsuits in this matter. I lost a significant amount of my retirement money.
Comment by Steven on 9 December 2008:
I bought 585 perferred shares of Freddie Mac and 597 perferred shares of Fannie Mae in May 2008 and for all intents and purposes it is worth almost nothing today. I also bought 638 shares of Lehman Perferred ,590 shares of Merrill and 288 perferred shares in Citi at the same time based on my financial advisors recommendations. I am sick !
Comment by Jian on 9 December 2008:
How come no one is suing the US government? That is the root of all the problems. Fannie was legally solvent. Could have easily survived like the other mortgage insurers by cutting back new business Cutting back on loan should not be a death panelty. If it were, the government should be seizing all the banks in the country!
I hope they are only waiting for the crisis to blow over and then sue the government to get it back.
Comment by James on 12 December 2008:
I lost about 50K on Freddie and 50K on Fanny. My losses were related to preferred stock. I want to join on any actions
Comment by James on 15 December 2008:
I bought 6000 shares of fanny and freddie.
Comment by Jerry on 17 December 2008:
I retired with a lump sum. I looked for safe investments with a large portion of my funds. I was told that I would get a reasonable return with Fannie and Freddie with little risk. It was explained to me that packages of preferred stock was establashed for the small investor. Futhermore, the preferred stock would continue to have value under the most dreaded circumstances. Sounded good therefore I purchased $264,000.00 worth. I have 8765 preferred shares of Freddie and 3300 preferred shares of Fannie. Seems like everyone is getting help except the little man like me who worked 40 years with one company to be able to retire. I may have to go back to work.
Comment by Frederick on 24 December 2008:
I too lost over $100,000 in Fannie Mae preferreds. I had that amount in Mayo Clinic bonds which had been called. I asked my broker at Morgan Stanely if he now of a safe investment and he said that they were backed by the US government and was way safer that the Mayo Clinic bonds that I had had all these years. This amount was a large part of what I had for retirement.
Comment by Eleanor on 29 December 2008:
I bought 5300 shares of Fannie Mae preferred stock in May 2008. I am earnestly seeking to join a class action suit against all parties involved in this investment fraud
Comment by Ronald on 8 January 2009:
I also was advised by my broker to buy 400 shares of Fannie Mae Preferred since it was safe and would be backed by the US Government. She also pointed out that that it would help bolster my retirement portfolio. As of the Dec. 31 statement it was worth $0.7601 per share!
Comment by Martha on 13 January 2009:
On Aug. 24, 2008, I met with my broker, telling him that I was sick of the volatility of the market & risk for my IRA account. I told him, I was just thinking – “Sell stocks & Buy bank CD’s”. He told me he had something much better than CDs. No risk at all – backed by the US Government – pays 8.25% – price $17.50/share – guaranteed to be able to sell in 2 years for $25.00/share. So, I agreed to sell several stocks, and buy the Fannie Mae Preferred Series S – $53,000 worth. About 3 weeks later, it was worth nothing. Later, I read about Franklin Rains getting a $240 Million dollar golden parachute. YES, I AM ANGRY. I think a law suit to hold these liars accountable is definately in order.
Comment by Rick on 18 January 2009:
The only \”company\” I want to sue is the US Government. The decision by Paulson to seize control of FNM and FRE may have been necessary, but they should have protected the interests of all debt holders. This includes the preferred holders, not just the foreign buyers of bonds.
All the companies receiving TARP funds are basically insolvent under marked to market accounting, but have had their PFD\’s protected. How did we get the short end of the stick.
Comment by James on 3 February 2009:
I also bought 7000 shares of the preferred in May 2008
Comment by Joe on 25 February 2009:
Why aren’t brokerage companies taking any blame? Seems like so many wall st experts knew “early” that Fannie Mae was in a dangerous situation. Why didn’t our stock advisers at these illustrious brokerage firms tell us not to buy these instruments? They have all these fancy research tools and they’re plugged into the financial system far better than the average person. Perhaps all they care about are commissions. Show me one brokerage company that actually held any of these positions in their inventory and I’ll introduce you to the tooth fairy!
Comment by Gerard on 9 March 2009:
I was advised by a financial advisor that Fannie Mae perferred stck was a tripple A and it was safe to buy for extra income being I am retired and need extra income, he stated that it would give me 8.25% on my investment of $25,000 investment and that it was very safe and after 5 years they would buy it back for what i paid for it, now it’s worth a dollar a share the purchase was may 13, 2008
Comment by yaakov on 11 March 2009:
on may 13 2008 bought 950 shares of FNM+T preferred stock. The offering was made by my broker, charles schwab. lost almost all of my investment.
Comment by terrell on 22 March 2009:
on may 13th i bought 1000 shs fnma pfd t 25,000 dollars now wort 2,000 from smith barney
Comment by Pam on 25 March 2009:
My parents began purchasing Fannie May common Stock in 1977, the stock was doing great, there were splits purchases until 1996 when 36 shares were acquired. Granted, it was not a lot compared to other investors, but since 2006, (when my mother passed away, my father passed away in 1992) the stock has lost 98% of its value. I am the beneficiary of this account and I’m steaming mad! with everything involved in settling her small estate paying bills etc., I could not get all the required paperwork together to sell the stock before the stock plummeted. I would like to be a part of this lawsuit.
Comment by ROBERT on 30 March 2009:
I bought 1200 shares of the SEE 31359C NON CUM Bonds (symbol FNA)and 500 shares of Prefeered series T 8.25% perpertual (symbol FNMPRT)
Comment by michael on 1 April 2009:
My Morgan Stanley advisor purchased $150,000 of Fannie and Freddie PFD for me in 2008. I felt it was too risky since we were in the midst of the biggest housing crisis in 50 years, but was told that it was insured/guaranteed by the Govt. He said that while the price may fluctuate, the dividend was sacred. Morgan Stanley should have steered me away from such a risky investment, instead, they helped to facilitate it.
Comment by Inez on 8 April 2009:
Please forward information to me about how I can join the class action lawsuit. I was an investor during the period of time when the crash took place.
Comment by Chuck on 27 April 2009:
I also purchased $50K worth of Fannie Mae Preferred Series S in late April, 2008. I finally gave up in disgust and sold for less than $1600 in December. A very bitter experience
Comment by Peter on 20 June 2009:
I had purchased 6000 shares of FNM in July ’08 based on FNM’s PR statement indicating that the company was well witin its regulatory requirments for capitalization. Subsequently, various fund managers began a campain to deride the value of the stock. One fund manager more than all stood out, Bill Gross he waged a constant campain against FNM and its sister GSE, FRE. A campain that evetually preseured Treasury Sect. Paulson to put the GSE’s into conservatorship. Above all, this was a prime example of manipulation.
Comment by Jacques on 20 June 2009:
I bought 48.000 shares in September sold 43.000 at $ 1.10 a month after…I want the money I lost.
Comment by Michael & Patricia on 26 June 2009:
My wife and I bought a total of 1000 shares of Fannie Mae Preferred series T in May of 2008. We made this decision based on HUD Office of Federal Housing Enterprise Oversight claims that Fannie Mae was adequately capitalized and were 36.2% over the capital requirement when they issued the stock. These were false claims by Fannie Mae and the oversight audit by the House of Representatives. We want to be included in any class action lawsuit.
Comment by Terry on 1 July 2009:
Have 1800 shares of Series S, bought May 30, 2008. If someone can do something about criminals at Fannie Mae, I’ll join.
Comment by Sherre on 13 July 2009:
I don’t see where anyone has found out how to get on this lawsuit if they were advised by broker to buy Fannie Mae Preferred stock as “guaranteed” 11% yield just before it tanked. The broker contacted me for this transaction and it was a substantial part of my portfolio.
I look at this transaction for me as the Madoff was to his clients.
Comment by Bill on 17 July 2009:
I hold 2000 shares of 8.25% preferred acquired @ par just a few months prior to Fannie going into receivership. I recommend that you look at a recent article on the Seeking Alpha website by Bruce Krasting. He suggests that the last $2 bil offering was sold with a “wink and a nod. (“the governments behind it and the yield is super!”)” He notes that the underwriting fees were .7874% ($63mm), two years earlier the fees were .25% for a similar offering. It is not likely that the underwriters kept much of this stuff, and is also unlikely that it was sold to in-house customers.
Comment by RAYMOND on 26 July 2009:
I PURCHASED 4500 SHS OF FNM and 5000 SHS OF FRE ON JULY 23,2008 BASED UPON US TREASURY SECRETARY HENRY PAULSON’S STATEMENT,”HE’S BEEN ASSURED BY THE REGULATOR FOR FANNIE MAE AND FREDDIE MAC THAT THE TWO GOVERNMENT CHARTERED MORTGAGE COMPANIES HAVE ENOUGH CAPITAL AND THEY ARE ADEQUATELY CAPITALIZED.” JULY 10 (BLOOMBERG)
Comment by Bruce on 5 August 2009:
Bill from 7/17 makes reference to a blog I wrote Re: the Agencies. Here are two more for interested parties.
They are buying in Subordinated notes that have a legal standing not far from the Preferred stock. This is most unusual.
The second is a discussion about market activity in the Preferred shares. This is speculation on my part, so please do not get excited.
Moodys did a report this week and said that it was their expectation that FNM/FRE would be shuttered in less than 18 months. The say that debt obligations of the Agencies are ‘money good’ (they are). There is no comment on what may happen to the common and pref holders if and when they are merged with Fannie Mae/FHA.
On an economic basis the Pref and Common shares have no value. But this is not your everyday bankruptcy. As many of the comments indicate the holders of the equity of the Agencies were misled by management and gvmt officials.
I think it is possible that D.C. Will through a bone to shareholders when the Agencies are shuttered. Beware, it is likely to be a small bone.
http://brucekrasting.blogspot.com/2009/07/freddie-buys-in-its-sub-debt-heinous.html
http://brucekrasting.blogspot.com/2009/07/agency-preferred-stock-whos-buying.html
Comment by Rich on 7 August 2009:
My wife and I purchased 4000 shares during this time period. We put half of our life savings in Fannie Mae and were assure by Raymond James
that we would not lose our investment because it was backed by the government. They said the principal could fluctuate a little but it always paid the interest since it was a preffered stock and basically a loan to Fannie Mae for a fixed period and for a fixed interest rate. I believe it was illegal for the government to stop paying this interest when they took over. I could understand the normal stocks for not paying interest because they are based on the profitability of the company. The coruption that was going on made it look like it was a good investment. In the mean time, political donations where being made to made to politicians and ungodly salaries were being paid to company executives. It all seems like a cover up to me since everyone who was getting money was not going to say anything. We would like to be a part of a class action that seeks to recover funds from these illegal activities.
Comment by leslie on 4 September 2009:
my broker told me I’d have goood income if I switched from my solid mutual fund to Fannie Mae Preffered . Within 352- a week, everything was GONE. My life savings.He said it was GUARANTEED by the government, or I would have never considered it. I want to sue whoever I can!!!!!!
Comment by Kent on 30 September 2009:
Lack of oversight did a huge disservice to the investments of thousands of investors. Those responsible for this need to be held responsible, and the losses need to be compensated for.
Comment by Neal on 3 October 2009:
My experience is the same as many of you. Purchased thousands of preferred shares for retirement (A+ rating) then lost virtually everything during a single weekend when the government decided to take over and stop the dividend. Nothing like this has ever happened in modern times and there had to be incompetence/ corruption involved throughout the system from the rating agencies, to company officers, brokers and even government officials. I’ve written congressmen but no replies. I think the Fannie/Freddie debockle in many ways was as bad as Maddorf but no one in gov. seems to care.
Comment by simon on 12 October 2009:
to all of the Investors on this page,
We are homeowners who were ticked into a refinance by an overappraisal of our home.. The Lender sold our Note to an unnamed Investor – and Wells Fargo is trying to foreclose on us. We discovered the fraud, and rescinded the loan, but Wells Fargo did everything it could to damage our finances and credt so we could lose the home – we don’t qualify for legal help and we can’t afford an attorney. We are not eligible for Class Action under the Truth in Lending Act.
We want the Investors to know that a corporation called MERSCORP is owned by the Banks and Fannie Mae, Freddie Mac, etc – every mortgage that names MERS as nominee was made under fraudulent misrepresentation. MERS is not just the nominee of the Lender as the borrowers agreed; MERS is the agent for every lender and Fannie Mae – if a borrower discovers fraud, MERS files instant assignment to whatever entity it choose, including itself, to be able to claim non-liability (assignees are not liable to the borrower for loan fraud or predatory lending). The Assignee then forecloses on the borrower or makes them sign up for a new loan under Fannie, Freddie, etc – but this new loan give no right to the borrowers under consumer laws.
It is a scam, so many people lost and losing their homes. YOU, the Investor, are told that the reason the loans defaulted is because of the borrowers’ irresponsibility – it is not true. We are given no way to contact the Noteholders, only the MERS members like Fannie Mae, Wells Fargo, etc can contact you, and give you their untrue reasons behind why your securities are non-performing.
The homeowners need help to bring the fraudsters to justice. If you happen to own a security that is non-performing and know if it was mortgage-backed, please try to get in touch with the borrowers on the notes – we cannot contact you, the Note sellers won’t give us any information – please don’t blame the borrowers, it was the banks that wanted your money so bad that they were willing to risk peoples’ homes for it.
If you are an investor and have a MERS mortgage, get out of it asap – we think the investors’ home are next.
Comment by ROBERT on 28 October 2009:
on 9/5/09 I bought 1000 shs of FNA, “ASSN FOR FUTURE ISSUES SEE 31359C NON CUMUL” at $16.47.
on 9/4/09 I bought 500 shs of FNMPRT preferred @ $13.52 “SERIES T 8.25% PERPETUA.
In addtion I bought 700 shs of FNM @ $7.47 on 8/28/09.
I would like to be included in any Class Action to have an opportunity to recover my investment.
Comment by Robert on 1 November 2009:
Having owned preferred stock in Fannie Mae during the period referenced in the Class Action suite, why wouldn’t I automatically be included as a Plaintiff in this suit?
Comment by Robert on 5 November 2009:
What is the current status of the class action lawsuit that was filed on Sept 8,2008 on behalf of all investors who purchased stock in fannie Mae during the period Nov 16,2007 and Sept. 5,2008
Is the suit still pending?
Comment by Joan on 21 November 2009:
We purchased 52K Fannie Mae 8.25% PFD in late May and early June 2008, with the assurance of our broker (Charles Schwab) that this
was a totally safe investment. How it could it not be, since it was backed by the US government? By September 2008 we had lost
not only the income from this investment, but our principal was worth
4K. We are Senior citizens and this was a huge part of our life savings.
We are definitely interested in being a part of any class action lawsuit.
Comment by Richard on 3 December 2009:
Recently, I finally sold my 9700 common shares of FNM and FRE at a fraction of what I invested bringing my life savings and retirement down by over $80,000. I invested based on the statements that they would not be allowed to fail. I am a retired disabled veteran and federal civil servant now looking at a zero balance retirement savings in less that four years.
Evidently there is no value in a government statement of not letting a fund fail and letting the investor equity go to zero. Thank you Barney Frankenstein.
Please include me in the lawsuit as I do not plan to let the government help me fail either.
N
Comment by Hewitt on 3 February 2010:
When I purchased bothFannie and Freddie preferred on Jan. 4, 2008 I was let to believe by my broker, Wachovia Secutities and by my belief that both Fannie Mae and Freddie Mac preferred stocks were underwritten by the federal govrernment of the United States of America.
It certainly was implied and presented as a quasi-goverment instition.
I feel as many other investors do that I have been deceived by these Federal agencies and by the Officiers of these Government Institutions.
Please include me also in the class action lawsuit. Thank you.
Comment by Richard on 8 February 2010:
I was encouraged by my broker to buy the FNMPFD. Obviously, Wachovia nor any of the mentioned above brokerages did any due diligence before touting those issues. Include me in any class action suit. That broker was first Prudential, then Wachovia and now Wells Fargo. Any chance they will change again. I would if i were them.
Comment by Gary on 16 February 2010:
I would like to be included in any lawsuits on behalf of preferred shareholders of FNM and FRE. I bought shares of FNM PRR on 4/1/08 and 1/23/08, and shares of FRE PRY on 4/28/08, relying on information that these companies had the full support of the US government and also from the credit rating agencies ratings of AAA.
Comment by antonio on 10 March 2010:
I bought the FNMA 8.25% Pfd T. I havent received any information on the situation of this position. Could you help me and give me information on the status of this investment? Nobody in the FNMA office knows anything. Please advice, thanks, Antonio
Comment by Linda on 9 April 2010:
I would like to join class action suits against FNM and FRE.
Comment by Art on 18 April 2010:
I would like to join class action suits against FNM and FRE.
Comment by Gayle on 28 April 2010:
Please let me know where or who to file with for shares of FNM.T
Thanks
Comment by Peter on 13 May 2010:
After researching all aspects of the risk in purchasing FNM stock, including reviewing FNM’s financial statements and monthly progress report pointing to sound finical condition and adequate reserve, I purchased $50,000 worth of FNM stock only to see my investment declined in value to a mere $5000 on September 8 2008, after the previous days proclamation by Tresury Secretaty Paulson indicating the Tresury’s plan to take over FNM via a concervatorship.
I would like to participate in any class action law suite
Comment by lola on 30 May 2010:
I WOULD LIKE TO KNOW ABOUT ANY CLASS ACTION SUITS AGAINST FNM AND FRE THAT I CAN JOIN. I WAS ADVISED BY BROKER AT MORGAN STANLEY TO PURCHASE THESE AS THEY SAFE BECAUSE THEY WERE INSURED BY GOV.
Comment by Gerald on 31 May 2010:
We purchased 1600 shares of Fannie Mae preferred (FNMPRS) through our broker at Smith Barney in April 2008. We would like to join a class action lawsuit .
Comment by Lenore on 17 June 2010:
How do I get in on the class action lawsuit? I own preferred stock in Fannie Mae that is worth nothing now.
Comment by Constance on 18 June 2010:
I had purchaced Fannie Mae which I was told was a secure government backed mortgage fund. I purchased it thinking it was secure because it was backed by our government. I put a lot of my money into it. And I have lost a lot.
Comment by Melissa on 14 July 2010:
I also put much of my IRA and retirement savings into Fannie Mae, based on their special status as a government sponsored entity. I don’t see how the government takeover could possibly be legal, particularly when we see other entities, like the “too big to fail” banks which had no special status as GSE’s being at least allowed to potentially regain their shareholder’s value.
I agree that the lawsuit should be against the U.S. Treasury, and I would like to join.
Comment by Frank on 21 July 2010:
How can we contact someone to participate in the lawsuit against Freddie Mac and Fannie Mae?
Comment by Ed on 3 August 2010:
What is the status of the class action suit?
Comment by Jack on 23 August 2010:
30M in fnm losses
I’ll sue Clinton bush Obama or any1 else responsible for my losses.
Comment by Gerald on 15 September 2010:
We lost 40K by owning FANNIE MAE series S preferred stock. How do we join a class action law suite? I’ve tried to locate an attorney on several occasions over the last couple of years and we’ve found no one willing to assist us. What is the status of those that were able to file a couple of years ago?
Comment by J. Hanson on 27 September 2010:
would like to be included in the class action litigation
Comment by howard on 10 November 2010:
I do the investing for my elderly parents who are no longer able to make any rational decisions for themselves. They have 24 hour home care which is very expensive. I was advised by our Morgan Stanley broker that the 2000 shares of FNM preferred bought May 2008 were safe,triple A rated and the dividend was safe. The investment is now virtually worthless. Would be interested in joining any class action suit.
Comment by David on 8 December 2010:
I purchased 790 shares plus 445 shares of FNMA 8.25% Pfd stock in two separate transactions on 12/26/07. Is there a way for me to recover my losses?
Comment by Richard on 31 December 2010:
I would like to Government to reset my mortgage lower by just the money they took from me by nationalizing my FRE and FNM. That is only fair since they too my 401k to zero. I am not delinquent on my payments yet. Such a decision by President and Congress would be a true step forward in helping real American home buyers and reducing mortgage debt. Why must we sue honest investment companies like Edward Jones and not the Government who misled us? Where is the real Government help for us relayed on its integrity?
Comment by Bonnie on 12 February 2011:
As other comments posted my Broker assured me my investments in Fannie & Freddie were secure and backed by the government – needless to say over 1/3 of my savings went out the window. I feel that the goverment should have bailed out the preferred stockholders instead of paying legal fees, bonuses, etc. to the people responsible for this fiasco. My grandaughter has lost her house to foreclosure and looks like the same is going to happen to my daughter even though both have been involved in every program out there to save their homes – I am 70 – widowed and cannot help them financially – can’t sell the real estate I still own because of the downturn – I would definetely join in a class action suit.
Comment by Raj on 15 February 2011:
I also bought Fannie Mae Preferred stock back in 08 and wek later went to $1.00. How can I become part of the law suit
Comment by Julia on 21 February 2011:
I purchased 1200 shares of fanny mae and freddie mac stock trough Wells Fargo Investment in 2008. I was ashured that this was a sound investment and my retirement funds would yeild a 7.25% dividend that I could count on to live on. Iwas mislead by Wells Fargo personel, being led to believe that my investment was insured and that I could not loose my money. It seems Wells Fargo has used both selling stock and loaning money to take advantage of unwarry citizens and rob them of their hard earned retirement money. Please include me in any future class action suit. The banks are not to big to fail, they need to be accountable for their incompitancs!
Comment by bob on 21 March 2011:
I have a arbitration hearing acussing the boker of selling me a insporptste invrstment and agaist Wells fargo for non supevisions as the investment was not suitable for someone on SSD. And based on their telling me it was backed by the Govt. Also that the underwriters should have been aware that they where undercapilize and there were flase statements made.
Anyone who can send me a smilar story will help my case- which if I win will open the door for everyone else to sue.
Comment by Shirley on 18 April 2011:
I purchased FNM PRS April 2008. Does anyone know the current status of the class action suit and who I can call to participate in the suit?
Comment by joshua on 24 September 2011:
I have just bought a home a month ago and just found it was contaminated by methand was not anywhere in the paper when i bought the house it was bought from fanny mae/ freddie mac and nobody will do anything to help the loan is now with utah housing and they will not help there was a drug bust in 2008 that was not reported to the heath department it did not make it past west valley pd what what has happend to our government and how did this get missed
Comment by JAACK on 27 November 2011:
No one on Washington cares one TINY LITTLE bit about anyone who lost money on FMA; FRE nor SAL MAE.
They turn their backs on investors and care NOTHING about us the people keeping these Crooks in office.
We need to clean house and bring REAL ETHICS back to government!
Comment by andrew on 12 December 2011:
i bought 100,000 worth of fannie mae stock back in 08 now its worthless thanks to my broker how can i get involved in the class action lawsuite that i am hearing about
Comment by James on 18 December 2011:
When are we all going to get together in a civil suit against these crooks? How can the retail investors who relied on their public statements recover part of their losses?
Comment by ed on 6 January 2012:
Where is contact info for current class action against FRE and FNM?
Thanks.
Comment by Carrie J on 25 April 2012:
I and my husband invested $95,000.00 of our life’s saving-retirement into Fannie Mae because we listen to a Bank of America Financial Advisor who should have known May 14, 2008.
Comment by stephanie on 8 January 2013:
This has been a problem long before 2007-2008 or what have you,I bought a trailer back in 2002 and Fannie Mae was dealing with Bank of America I had a $80,000 Dollar trailer with a $669.00 a mth and the trailer looked as if it wasn’t as much as they charged me.I didn’t know who to contact at that time and I was a single parent with two kids and had to pay for this myself,I had to try and struggle for 30yrs. to pay this off,but ended up losing my home I couldn’t afford to pay it off,I was promised that my payments would be $425.00 a month but my payments kept going up and went all the way to $669.oo a month i hope fannie Mae get what they deserves and the people get what they need,I wish I could have gotten in on the deal.
Comment by ronald on 10 January 2013:
what happ to the help on saving homeowners from losing there home……i lost mine
Comment by Chester on 1 February 2013:
I have Losses in both Fannie Mae and Freddie Mac ,I would Like to recover my loss +any other damages we can find.
Comment by Hilda on 3 April 2013:
In today’s Washington Post Fannie Mae has earned ‘big bucks…in the billions.
What about us…the preferred bondholders who lost our money…mine in a 3 month period. This money was supposed to be safe and secure.