Freddie Mac Investors Stand Together (F.I.S.T.) is a coalition of Freddie Mac pension fund-invested shareholders and other investors working together to hold Freddie Mac accountable for actions that purportedly led to taxpayers having to bail out Freddie Mac and shareholders collectively losing billions of dollars from their retirement funds.
Freddie Mac’s pension fund shareholders include plumbers, truck drivers and carpenters, along with many others.
Today, Freddie Mac is being investigated by the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC).
Court filings allege that Freddie Mac and its executives, who were paid huge salaries and bonuses tied to Freddie Mac’s short-term performance, made misrepresentations that Freddie Mac’s mortgage business was sound, that it was not exposed to the dangerous subprime mortgage market, and that it had more than enough money – or capitalization – to stay in business.
The court filings state that the company’s mortgage portfolios were exposed to the subprime market, its underwriting criteria had deteriorated or been abandoned, and it was severely under capitalized.
Now that Freddie Mac has been taken over by the U.S. government and forced into conservatorship, Freddie Mac Investors must Stand Together. Rather than exist as separate fingers with no common voice, we must stand together, protect our investments, and seek justice as a united F.I.S.T. Click here to learn more and get involved.
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