U.S. Is Set to Sue a Dozen Big Banks Over Mortgages

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U.S. Is Set to Sue a Dozen Big Banks Over Mortgages

U.S. Is Set to Sue a Dozen Big Banks Over Mortgages

Lets not get to excited just yet as this comes as a complete surprise. What does this mean for the AG’s who are pursuing their own investigations and how will this help homeowners?

Or is this another bailout waiting to happen?

NYT-

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, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.

[NEW YORK TIMES]

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2 Responses to “U.S. Is Set to Sue a Dozen Big Banks Over Mortgages”

  1. Ho Ho HO! I am not sure what this is going to look like, but it is NOT going to be take well by the shareholders tomorrow!! WOW, not good news at all… Even if things GO WELL for the “Big Banks” they will be battling an enormous NEW set of drag: MORE huge legal fees, needed capital, people withdrawing accounts and investors bailing out. It’s going to be SHEER UGLINESS. I am ecstatic! Maybe FINALLY the administration will start to get A CLUE about why our economy is just gossamer threads from apocalypse.

    Wow.

  2. dinsfla says:

    You’re absolutely right! If you add the hit they will take on the markets…this is going to be one expensive ride and they deserve it. No amount of money will repair the loss many have suffered at their expense. absolutely nothing. Many lives have been destroyed and many families have been torn apart.

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