The Securities and Exchange Commission may file a civil action against former Freddie Mac chief executive as it concludes an investigation of Freddie Mac and Fannie Mae’s disclosure practices.

Citing an anonymous source close to the investigation, The New York Times reports that as of yet, the executive — who was terminated in September 2008 — has not been accused of wrongdoing.

The SEC has been investigating the government-controlled companies for the parts they played in the mortgage crisis, taking a hard look at how Freddie and Fannie revealed their participation in high-risk loans, underreporting ownership of subpime, low-documentation deals. The Justice Department has also investigated Freddie and Fannie, but has not brought charges.

Freddie Mac’s Former Chief May Face S.E.C. Action [The New York Times]

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