The Federal Housing Finance Agency (FHFA), the government agency that oversees mortgage buyers Fannie Mae and Freddie Mac is suing 17 banking institutions for mortgage fraud.
The lawsuit was filed last Friday, September 2nd, 2011, against banking giants Bank of America, Merrill Lynch, Citigroup, J.P. Morgan Chase, Goldman Sachs, Barclays, Nomura, and ten more big banks seeking compensation for more than $41 billion of losses related to subprime mortgage bonds.
The lawsuit charges the banks with violating Federal and state securities laws in the fraudulent sale of home mortgages.
No comments:
Post a Comment