Federal government to sue major banks over Fannie and Freddie losses
http://dervishcom.blogspot.com/2011/09/federal-government-to-sue-major-banks.html
The federal government is preparing to sue major banks for billions of dollars in connection with mortgage securities they sold to the housing finance giants Fannie Mae and Freddie Mac in the years preceding the financial crisis, people familiar with the matter said.
The lawsuits by the Federal Housing Finance Agency are likely to argue that banks included fraudulent mortgages in securities they packaged and sold to Fannie and Freddie and that the banks misled investors about the makeup of those loans. Fannie and Freddie, which are regulated by FHFA, loaded up on these securities during the years of the housing boom and lost billions when the bust came.
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Source: http://feeds.washingtonpost.com/click.phdo?i=759aa32ff2b2f1bc9d2fb870520ecc78
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