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U.S. Is Set to Sue Big Banks Over Mortgages

By: clo in FFFT | Recommend this post (0)
Fri, 02 Sep 11 2:11 PM | 63 view(s)
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An overview of OCU's post. clo

U.S. Is Set to Sue Big Banks Over Mortgages

The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac
is set to file suits against more than a dozen big banks, accusing them of
misrepresenting the quality of mortgage securities they assembled and sold at
the height of the housing bubble, and seeking billions of dollars in
compensation.

The Federal Housing Finance Agency suits, which are expected to be filed in the
coming days in federal court, are aimed at Bank of America, JPMorgan Chase and
Deutsche Bank, among others, according to three individuals briefed on the
matter.


Read More:
http://www.nytimes.com/2011/09/02/business/us-is-set-to-sue-dozen-big-banks-over-mortgages.html?emc=na




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