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Government Files Massive Lawsuit Against Nation's Top Banks.

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Obama 2012   1,714

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Filed: AOS (pnd) Country: Canada
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They really should include Fannie and Freddie in the lawsuit too.... I guess we can be hypocrites all day long though...

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http://money.cnn.com/2011/09/02/news/companies/government_mortgage/index.htm

NEW YORK (CNNMoney) -- The federal agency overseeing Fannie Mae and Freddie Mac filed lawsuits Friday against 17 financial institutions in an attempt to recover losses from risky mortgage investments.

The lawsuits were filed against many of the nation's largest Wall Street and financial firms, including Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase.

In the complaints, the Federal Housing Finance Agency contends the institutions misrepresented the quality of the investments' underlying loans.

"Based on our review, FHFA alleges that the loans had different and more risky characteristics than the descriptions contained in the marketing and sales materials provided to the enterprises for those securities," the agency said in a press release.

Fannie Mae and Freddie Mac, which were taken into conservatorship by the federal government during the 2008 financial crisis, are the largest sources of funding for the U.S. housing market.

They buy mortgages from lenders and either hold them on their books or bundle them into securities. The companies also have bought mortgage-backed securities issued by other institutions.

The agency, which says it is charged with protecting the mortgage finance companies' assets on behalf of taxpayers, is seeking damages and penalties.

The complaints were filed against the following institutions: Ally Financial; Bank of America (BAC, Fortune 500); Barclays Bank (BCS); Citigroup (C, Fortune 500); Countrywide Financial; Credit Suisse Holdings (CS); Deutsche Bank (DB); First Horizon National (FHN); General Electric (GE, Fortune 500); Goldman Sachs (GS, Fortune 500); HSBC North America; JPMorgan Chase (JPM, Fortune 500); Merrill Lynch/First Franklin Financial; Morgan Stanley (MS, Fortune 500); Nomura Holding America; Royal Bank of Scotland (RBS); Societe Generale.

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The Great Canadian to Texas Transfer Timeline:

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3/04/2010 - NOA1 Received!

8/14/2010 - Touched!

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10/25/2010 - Packet 3 Received!

02/07/2011 - Medical!

03/15/2011 - Interview in Montreal! - Approved!!!

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