Nightly News | December 16, 2011
>>> today. two former ceos of mortgage giants fannie mae and freddie mac were hit with accusations of fraud by the sec. fannie and freddie collapsed during the financial meltdown back in '08, leaving taxpayers with a staggering bill that grows larger by the day. nbc news senior investigative correspondent lisa myers has our report.
>> reporter: three years ago the former ceos of fannie mae and freddie mac infuriated a congressional committee by denying any blame for the financial crisis .
>> we thought we made the right decision at the time.
>> you have exhibited no sense of accountability for your actions here, none.
>> reporter: but today daniel mud of fannie mae and richard syren of freddie mac were accused of civil fraud. the sec alleged they and four other executives made false and misleading statements to conceal the extent of risky subprime mortgages.
>> today's action is about holding individuals accountable for their role in misleading the public.
>> reporter: who got hurt here? a lot of hard-working americans saving for retirement.
>> fannie and freddie were two of the most common companies that the average guy on the street invested their retirement income in, and their retirement accounts took a real hit.
>> reporter: when the companies imploded, taxpayers had to bail them out, to the tune of $150 billion. these are the highest profile individuals facing legal action in conjunction with the meltdown, but it's not likely to satisfy outrage that no big players on wall street have been criminally prosecuted.
>> none of them is even under indictment. indeed, there does not appear to be a serious investigation of any of them.
>> reporter: the former ceos emphatically deny any wrongdoing and say the allegations are without merit. they insist they fully disclosed all risk to investors. mud said he looks forward to his day in court, where the standard is "fairness and reason, not politics." lisa myers , nbc news, washington.