The SEC, Securities and Exchange Commission, has charged six former Fannie Mae and Freddie Mac executives with securities fraud. It is alleged that they misled investors about the extent of the exposure of the mortgage giants to risky subprime mortgage debt. You can get the details at the link, including the names of those being sued by the SEC.
More interesting is a CNNMoney article titled Fannie and Freddie must go - here's how written by former Wells Fargo Chairman Richard Kovacevich. It's full of advice for how to fix things and get rid of Fannie Mae and Freddie Mac. You'll need to read it for two reasons. First, it's possible that there may be some good information. Second, you paid dearly for it, as indicated in this CBS News article entitled Following the Bailout Money to Wells Fargo. Note that the quote about the buyout of Wachovia is from Richard Kovacevich, then still chairman of Wells Fargo.