Washington (Dec. 12, 2003) -- Mortgage securities concern Freddie Mac agreed to pay a $125 million fine as part of a consent decree after a scathing report charged that the organization fostered "a pattern of inappropriate conduct and improper management of earnings” that eventually led to a massive restatement.

The fine is the largest-ever civil penalty levied by what is known as a “safety and soundness” regulator.

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