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By: oldCADuser in FFFT | Recommend this post (2)
Sat, 03 Sep 11 12:31 AM | 98 view(s)
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Msg. 32613 of 65535
(This msg. is a reply to 32564 by clo)

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U.S. sues 17 big banks over mortgages

Sept. 2, 2011, 4:39 p.m. EDT

WASHINGTON (MarketWatch) -- A federal U.S. agency on Friday afternoon sued seventeen major banks, arguing that they misrepresented the quality of mortgage securities they put together and sold in the run-up to the bursting of the housing bubble. The Federal Housing Finance Agency sued the banks over soured mortgages including charges against Bank of America Corp. over $6 billion in soured mortgages. It also sued Citigroup Inc. over $3.5 billion in mortgages, Barclays over $4.98 billion in loans.

http://www.marketwatch.com/story/us-sues-17-big-banks-over-mortgages-2011-09-02?siteid=

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The above is a reply to the following message:
U.S. Is Set to Sue Big Banks Over Mortgages
By: clo
in FFFT
Fri, 02 Sep 11 2:11 PM
Msg. 32564 of 65535

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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