Greenspan: Mortgage debt could be threat - 2004-02-24
Mortgage giants Fannie Mae and Freddie Mac could be a threat to the country's financial system if their debt is not controlled, Federal Reserve Chairman Alan Greenspan said Tuesday.

Greenspan said that the two institutions, popularly known as Fannie and Freddie, have grown to be among the largest financial institutions in the United States and now stand behind $4 trillion of home mortgages, or more than three-fourths of the single-family mortgages in the United States.
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CEO of collasped mortgage co. pleads guilty - 2004-02-24
An executive who presided over the collapse of MCA Financial Corp. that cost investors over $250 million pleaded guilty Tuesday to charges that he conspired to engage in fraud and lied in corporate statements.

Patrick Quinlan Sr., 56, of Grosse Pointe Farms, faces up to 10 years in prison and $500,000 in fines under a plea agreement with federal prosecutors. The former chairman and chief executive also was ordered to pay $256.6 million in restitution to investors and institutional lenders.
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