The FT has reported:
Freddie Mac and Fannie Mae, the US mortgage financiers seized by the government, have received subpoenas from federal prosecutors for documents related to accounting and disclosure, the companies said on Monday.
Yes, I do suspect fraud.
A great deal of offshore accounting is fraud.
Many Special Purpose Vehicles are fraudulent.
I define fraud as a deception made for personal gain or to damage another individual. It need not be criminal. But once you're doing it the dividing line with criminality is too fine for most to know where they are.