The home loan giant Freddie Mac has agreed to pay a record $3.8 million fine to settle allegations it made illegal campaign contributions. The fine announced Tuesday is by far the biggest ever levied by the Federal Election Commission. Freddie Mac was accused of illegally using corporate resources for fundraisers that collected about $1.7 million for federal candidates. Much of the fundraising benefited members of the House Financial Services Committee, whose decisions can affect Freddie Mac.
April 19, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The home loan giant Freddie Mac has agreed to pay a record $3.8 million fine to settle allegations it made illegal campaign contributions.
The fine announced Tuesday is by far the biggest ever levied by the Federal Election Commission. Because the Federal Home Loan Mortgage Corporation, widely known as Freddie Mac, agreed to pay the fine and stop breaking the law, the FEC said it would not take further action against corporate officials.
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