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U.S. to sue big banks over mortgage securities
09-02-2011, 03:57 PM #1
Kreeper Griobhtha
Posts:10,782 Threads:647 Joined:Feb 2011
U.S. to sue big banks over mortgage securities


WASHINGTON (Reuters) - The agency that oversees mortgage markets is preparing to file suit against more than a dozen big banks, accusing them of misrepresenting the quality of mortgages they packaged and sold during the housing bubble, The New York Times reported on Thursday.

The government will argue the banks, which pooled the mortgages and sold them as securities to investors, failed to perform due diligence required under securities law and missed evidence that borrowers' incomes were falsified or inflated, the Times reported.

Fannie Mae and Freddie Mac lost more than $30 billion, due partly to their purchases of mortgage-backed securities, when the housing bubble burst in late 2008. Those losses were covered mostly with taxpayers' money.


I wish my losses were covered by taxpayers...

Let's wait and see if anything actually comes of this.

time.gif

Politicians hide themselves away
They only started the war
Why should they go out to fight?
They leave that role to poor
09-02-2011, 04:11 PM #2
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
Wash, rinse, repeat bored.gif
09-02-2011, 04:49 PM #3
Kreeper Griobhtha
Posts:10,782 Threads:647 Joined:Feb 2011
Yup, I'm tired of having smoke blown up my ass and them wagging the dog. I'd rather they be restricted to blowing smoke up the dog's ass and leaving us the hell alone.


cheers.gif

Politicians hide themselves away
They only started the war
Why should they go out to fight?
They leave that role to poor
09-03-2011, 02:12 AM #4
Kreeper Griobhtha
Posts:10,782 Threads:647 Joined:Feb 2011
Wow...

wtf2.gif


They actually did it...


Feds sue biggest US banks over risky mortgages


NEW YORK (AP) -- In a sweeping move, the government on Friday sued 17 financial firms, including the largest U.S. banks, for selling Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed.

Among the 17 targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co., Goldman Sachs.

The government didn't provide a dollar amount of how much it seeks in damages. It said that it wants to have the purchases of the securities canceled, be compensated for lost principal and interest payments as well as attorney fees and costs. The lawsuits allege the financial firms broke federal and state laws with the sales.


So, they get the sales cancelled and then we get to foot another bailout?

I can see it coming.


gaah.gif

Politicians hide themselves away
They only started the war
Why should they go out to fight?
They leave that role to poor



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