Tuesday, September 06, 2011
AllGov.com,
Submitted by: Editor
AllGov.com,
Submitted by: Editor
Gov Finally Sues Big Banks For Mortgage Fraud
[AllGov] Three years after Wall Street nearly collapsed after investing in risky home loans and dubious securities, the Obama administration has finally decided to go after the nation’s largest banks, as well as several international institutions, for mortgage fraud.
[AllGov] On Friday, the Federal Housing Finance Agency (FHFA), which oversees the mortgage giants Fannie Mae and Freddie Mac, sued 17 institutions, including Bank of America, Citigroup, JPMorgan Chase and Goldman Sachs, as well as Deutsche Bank, The Royal Bank of Scotland and Société Générale. The defendants are accused of misrepresenting the quality of mortgage securities they sold during the housing bubble.
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Posted by Editor on 09/06/11 at 11:37 AM •
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