[net-gold] BANKS AND BANKING: MORTGAGES : UNITED STATES: GOVERNMENT : LAW: CASES: U.S. Is Set to Sue a Dozen Big Banks Over Mortgages
- From: "David P. Dillard" <jwne@xxxxxxxxxx>
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- Date: Sun, 4 Sep 2011 11:00:55 -0400 (EDT)
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BANKS AND BANKING: MORTGAGES :
UNITED STATES: GOVERNMENT :
LAW: CASES:
U.S. Is Set to Sue a Dozen Big Banks Over Mortgages
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U.S. Is Set to Sue a Dozen Big Banks Over Mortgages
By NELSON D. SCHWARTZ
Published: September 1, 2011
New York Times
http://www.nytimes.com/2011/09/02/business/
us-is-set-to-sue-dozen-big-banks-over-mortgages.html
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A shorter URL for the above link:
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http://tinyurl.com/3nahw7n
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The federal agency that oversees the mortgage giants Fannie Mae and
Freddie Mac is set to file suits against more than a dozen big banks,
accusing them of misrepresenting the quality of mortgage securities they
assembled and sold at the height of the housing bubble, and seeking
billions of dollars in compensation.
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The Federal Housing Finance Agency suits, which are expected to be filed
in the coming days in federal court, are aimed at Bank of America,
JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according
to three individuals briefed on the matter.
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The suits stem from subpoenas the finance agency issued to banks a year
ago. If the case is not filed Friday, they said, it will come Tuesday,
shortly before a deadline expires for the housing agency to file claims.
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The suits will argue the banks, which assembled the mortgages and marketed
them as securities to investors, failed to perform the due diligence
required under securities law and missed evidence that borrowers incomes
were inflated or falsified. When many borrowers were unable to pay their
mortgages, the securities backed by the mortgages quickly lost value.
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Fannie and Freddie lost more than $30 billion, in part as a result of the
deals, losses that were borne mostly by taxpayers.
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In July, the agency filed suit against UBS, another major mortgage
securitizer, seeking to recover at least $900 million, and the individuals
with knowledge of the case said the new litigation would be similar in
scope.
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Private holders of mortgage securities are already trying to force the big
banks to buy back tens of billions in soured mortgage-backed bonds, but
this federal effort is a new chapter in a huge legal fight that has
alarmed investors in bank shares. In this case, rather than demanding that
the banks buy back the original loans, the finance agency is seeking
reimbursement for losses on the securities held by Fannie and Freddie.
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The complete article may be read at the URL above.
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Sincerely,
David Dillard
Temple University
(215) 204 - 4584
jwne@xxxxxxxxxx
http://daviddillard.businesscard2.com
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