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US Is Set to Sue a Dozen Big Banks Over Mortgages
Published: Thursday, 1 Sep 2011 | 10:53 PM ET
By: Nelson D. Schwartz


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.

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 [BAC  7.91    -0.26  (-3.18%)   ], JPMorgan Chase [JPM  36.30    -1.26  (-3.35%)   ], Goldman Sachs [GS  112.16    -4.06  (-3.49%)   ] and Deutsche Bank [DB  38.60    -1.87  (-4.62%)   ], among others, according to three individuals briefed on the matter.

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.

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.

Fannie and Freddie lost more than $30 billion, in part as a result of the deals, losses that were borne mostly by taxpayers........................................>>>>...........................................>>>>.................................http://www.cnbc.com/id/44367003

TO FREAKIN' LATE....not to mention the leaders in office both past and present rub elbows with these folks and knew/know EXACTLY what
has been going on.....

now they point the finger first? SH!T....I'd pay for a seat ringside to watch them mud wrestle over who's fault it was......I'd even buy drinks for
the entire populace...

the American Dream isn't only about owning a home......

1st biggest lie: I work this hard so you dont have to
2nd biggest lie: owning a home is the American Dream

the leaders promote home ownership to COLLECT TAXES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

The Federal Government is suing the same banks they gave $787 Billion in TARP money...So even if the federal government wins, they will only be recollecting the money the taxpayers bailed them out with two years ago.  And the best part is, the value of the dollar they will be receiving is worth less than it was two years ago when the federal government gave it to them.  And in the end, the Federal Reserve will just fire up the printing presses and replenish the banks that lost in the lawsuit with nice new cash.  Then everybody that uses the U.S. dollar as their currency will pay a few extra pennies for everything they purchase - the inflation tax.

Are Americans catching on to this charade yet?  The hamster on the hamster wheel…Faster…Faster…Faster…