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.
In Response To: A tea party message in Patriot Act defeat *LINK* (three_Sixty)
"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
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