|
| Photo Gallery | About Us | Terms of Use | Register/Create a Profile |
| |
U.S. Is Set to Sue a Dozen Big Banks *LINK*
Posted By: karibkween In Response To: A tea party message in Patriot Act defeat *LINK* (three_Sixty)
Date: Friday, 2 September 2011, at 12:50 a.m.
"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, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter."
"The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.
Fannie and Freddie lost more than $30 billion, in part as a result of the deals, losses that were borne mostly by taxpayers."
U.S. Is Set to Sue a Dozen Big Banks Over Mortgage
| |
Rastafari Speaks is maintained by Administrator with RastafariSpeaks.com 5.12.
|
FAIR USE NOTICE: This site may at times contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml |