US to sue Banks

The Federal Housing Finance Agency, which 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, JPMorgan Chase, Goldman Sachs and Deutsche Bank,
among others. 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. 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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