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

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

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

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:

FHFA Filings in PLS Cases, September 2, 2011:

  1. Ally Financial Inc. f/k/a GMAC, LLC
  2. Bank of America Corporation
  3. Barclays Bank PLC
  4. Citigroup, Inc.
  5. Countrywide Financial Corporation
  6. Credit Suisse Holdings (USA), Inc.
  7. Deutsche Bank AG
  8. First Horizon National Corporation
  9. General Electric Company
  10. Goldman Sachs & Co.
  11. HSBC North America Holdings, Inc.
  12. JPMorgan Chase & Co.
  13. Merrill Lynch & Co. / First Franklin Financial Corp.
  14. Morgan Stanley
  15. Nomura Holding America Inc.
  16. The Royal Bank of Scotland Group PLC
  17. Société Générale

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

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5 Responses to “FULL COMPLAINTS | FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac”

  1. Sharon says:

    The lawsuits will give homeowners the opportunity to claim their loans were predatory loans. However, I too worry that they are missing a huge opportunity to shine a light on the fact that they were never properly transferred into the trust in the first place. I agree with Thad. It’s a huge elephant in the room that they are ignoring and it’s not hard to imagine why. They want to salvage what they can for the taxpayers and if it becomes known that the investors never had ownership of the loans well let’s just say the IRS will have a field day collecting back taxes and penalties and interest. Investors will go after the banks in droves. It is curious indeed.

Trackbacks/Pingbacks

  1. [...] The Royal Bank of Scotland PLC Lets NOT forget both Fannie and Freddie, like most of the named banks they are suing, each are shareholders of [...]

  2. [...] again this contradicts FHFA’s (who is the conservator to both Fannie and Freddie) lawsuit suing 17 financial institutions which most are named in this article except for Wells Fargo who is not a [...]

  3. [...] Might as well toss these suckers away…FULL COMPLAINTS | FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac [...]

  4. [...] thousands still got the boot from their homes. As far as I see this, DeMarco at least has filed 17 HUGE lawsuits against most all the banks and this is scaring the hell out of them… possibly costing them [...]


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