US Files Suit Against Big Banks Over Mortgages

[EcoTort Theatre]

http://www.truth-out.org/us-set-sue-dozen-big-banks-over-mortgages/1314971855

US Files Suit Against Big Banks Over Mortgages

Friday 2 September 2011

by: Nelson D. Schwartz, The New York Times News Service | Report

Federal regulators filed suit on Friday against more than a dozen leading banks, seeking billions in compensation for huge losses suffered by Fannie Mae and Freddie Mac on mortgage-backed securities the banks assembled during the housing boom.

Bank of America, Goldman Sachs, JPMorgan Chase, Deutsche Bank, Citigroup, Barclays and Morgan Stanley are among the defendants in the suits, brought by the Federal Housing Finance Agency, which oversees Fannie and Freddie.

The agency’s plan to file the suits was reported on Thursday night by The New York Times.

To read the full article, click the link at the top of this page . . .