Friday, September 2, 2011

US to sue big banks over mortgage securities-NYT

WASHINGTON: The agency that oversees U.S. mortgage markets is preparing to file suit against "more than a dozen" big U.S. 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 Federal Housing Finance Agency, which oversees mortgage giants Fannie Mae and Freddie Mac, is expected to file suit against Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among other banks, the Times reported, citing three unidentified individuals briefed on the matter.

The suits stem from subpoenas the finance agency issued to banks last year. ' Reuters

No comments:

Post a Comment