The Securities and Exchange Commission dropped its civil fraud case against Thomas Lund, former executive vice president of Fannie Mae’s single-family business in the years leading up to conservatorship. The discontinuance of the case was announced this week by Lund’s attorney Michael Levy of Paul Hastings. “Thomas Lund has been vindicated,” he said. “After investigating for three years, litigating for another three years, deposing 50 witnesses and hiring four experts, the SEC concedes that it has not prevailed,” he said, adding that Lund will refrain, for 12 months, from signing things that he never signed in the past and has no intention of signing in the future. Lund will pay the agency $10,000. However, the SEC is classifying the payment as a “gift” to the...