Daniel Mudd, the embattled former CEO of Fannie Mae, will have to wait until 2015 to present his defense in a court of law, legal sources confirmed Thursday.
The former Fannie Mae CEO is fighting charges levied against him by the Securities and Exchange Commission over accusations that he and fellow Fannie executives misled investors about the GSE’s exposure to subprime loans prior to the 2008 financial crisis.
His defense team’s motion for summary judgment – or dismissal – is not due until 2015, which means the possibility of a trial or an ending to the SEC’s case against Mudd is years away.
Mudd left Fannie Mae and landed at Fortress Investment Group, a position he left earlier this year to fight the SEC allegations full-time.
