Bloomberg reports:
Lee Farkas, the former chairman of Taylor, Bean & Whitaker Mortgage Corp., went on trial today as the accused mastermind of a $1.9 billion fraud conspiracy. Looming in the background was the company’s relationship with the bailed-out federal mortgage financier, Freddie Mac.
There's more:
Farkas maintained frequent contact with Freddie Mac, personally meeting with officials at its headquarters in McLean, Virginia, on seven occasions from 2006 to 2009, the U.S. has said. In 2003, he hired Paul R. Allen, a former senior executive at Freddie Mac, as Taylor Bean’s chief executive officer. Allen worked out of his home in Oakton, Virginia, to be closer to Freddie Mac headquarters, according to prosecutors.
Eric Holder can't seem to find any problems with former Freddie Mac executives. No word on any of this from former Freddie Mac board member Rahm Emanuel.
