UPDATE :

FHFA suit stops short of going nuclear, ignores the biggest flaw in securitization/REMICs – failure to properly convey the notes….instead, FHFA sez loans were xferred properly to trust, to prevent 100% taxation 4 failure 2 comply w/ IRC’s REMIC requirements. Cute…I worry that this is an attempt to fix / limit total bank exposure by getting uncontested ruling that REMIC provisions were followed…

via @Thad Bartholow

What? Why is “WELLS FARGO” not listed? Let me know when they get to “W”.

FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac

Washington, DC — The Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae and Freddie Mac (the Enterprises), today filed lawsuits against 17 financial institutions, certain of their officers and various unaffiliated lead underwriters. The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the Enterprises.

Complaints have been filed against the following lead defendants, in alphabetical order:

LITIGATION

 

Federal Housing Finance Agency

• FEDERAL HOUSING FINANCE AGENCY v. CITY OF CHICAGO, December 12, 2011 Complaint [PDF]
• FHFA PLS Cases

?FHFA Filings in PLS Cases, September 2, 2011
Ally Financial Inc. f/k/a GMAC, LLC	Complaint [PDF]
Bank of America Corporation	Complaint [PDF]
Barclays Bank PLC	Complaint [PDF]
Citigroup, Inc.	Complaint [PDF]
Suisse Holdings (USA), Inc.	Complaint [PDF]
Credit Suisse Holdings (USA), Inc.	Complaint [PDF]
Deutsche Bank AG	Complaint [PDF]
First Horizon National Corporation	Complaint [PDF]
General Electric Company	Complaint [PDF]
Goldman Sachs & Co.	Complaint [PDF]
HSBC North America Holdings, Inc.	Complaint [PDF]
JPMorgan Chase & Co.	Complaint [PDF]
Merrill Lynch & Co. / First Franklin Financial Corp.	Complaint [PDF]
Morgan Stanley	Complaint [PDF]
Nomura Holding America Inc.	Complaint [PDF]
The Royal Bank of Scotland Group PLC	Complaint [PDF]
Société Générale	?Complaint [PDF]

 

• FEDERAL HOUSING FINANCE AGENCY v. UBS AMERICAS INC., UBS REAL ESTATE SECURITIES INC., UBS SECURITIES, LLC, MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC. DAVID MARTIN, PER DYRVIK, HUGH CORCORAN, and PETER SLAGOWITZ, July 27 2011 Complaint  [PDF]

FANNIE MAE

• United States of America and Federal Housing Finance Agency In Re Conservatorship of: Federal National Mortgage Association
  • Notice Regarding Determination and Appointment of Conservator, September 18, 2008 [PDF]
• United States of America and Office of Federal Housing Enterprise Oversight Notice Number 2006-1 In the Matter of Franklin D. Raines, J. Timothy Howard and Leanne G. Spencer

FREDDIE MAC

• United States of America and Federal Housing Finance Agency In Re Conservatorship of: Federal Home Loan Mortgage Corporation
  • Notice Regarding Determination and Appointment of Conservator, September 19, 2008 [PDF]
• OFHEO’s Statement of Case [PDF] and OFHEO’s Third Revised Notice of Changes in Enforcement Action [PDF] Against Former Freddie Mac CEO Leland C. Brendsel
• United States of America and Office of Federal Housing Enterprise Oversight, Petitioners v. Leland Brendsel, Respondent
• United States of America and Office of Federal Housing Enterprise Oversight, Petitioners v. Vaughn A. Clarke, Respondent

The cases are Federal Housing Finance Agency v. Bank of America Corp. (BAC), 11-CV-6195; FHFA v. Barclays Bank Plc., 11-CV- 6190; FHFA v. Citigroup, 11-CV-6196; FHFA v. Credit Suisse Holdings (USA) Inc., 11-CV-6200; FHFA v. Deutsche Bank AG, 11- CV-6192; FHFA v. First Horizon National Corp., 11-CV-6193; FHFA v. Goldman, Sachs & Co., 11-CV-6198; FHFA v. HSBC North America Holdings Inc., 11-CV-6189; FHFA v. JPMorgan Chase & Co., 11-CV- 6188; FHFA v. Merrill Lynch & Co., 11-CV-6202; FHFA v. Nomura Holding America Inc., 11-CV-6201; FHFA v. SG Americas Inc., 11- CV-6203, U.S. District Court, Southern District of New York