View Full Version : Government Sues Biggest U.S. Banks Over Mortgage-Backed Investments

Richard Earl
09-03-11, 01:55 AM
FoxNews: Government Sues Biggest U.S. Banks Over Mortgage-Backed Investments (http://www.foxnews.com/politics/2011/09/02/government-sues-biggest-us-banks-over-mortgage-backed-investments/)

Perhaps they are finally going to try and clean up a bit.

Richard Earl
09-03-11, 02:11 AM
I find this particularly interesting. They are referred to as agencies.

"The lawsuits were filed Friday by the Federal Housing Finance Agency which oversees Fannie and Freddie, the two agencies that buy mortgages loans and mortgage securities issued by the lenders."

Are Fannie and Freddie banks or private corporations?

David Merrill
09-03-11, 10:23 AM
Or compound the mess. I managed to summarize the whole deal quite nicely in my opinion:



It was a gambling racket that even GEITHNER got into in mid-May to extend the Deadline for Congress to August 2nd - for the Debt Ceiling Debacle. Look at the Appendix (http://img816.imageshack.us/img816/6880/finalletter04042011reid.pdf) - the Extraordinary Measures. The first one was to start selling off the mortgage-backed securities.

Bundling was the scam. It lost record of ownership (The Note) so the certificates never had any value at all. Trusting in them was folly and trusting in that newly created market was just plain greedy. When you get greedy and lose, I doubt you have the right to sue.

USA v Chase and many others. (https://docs.google.com/leaf?id=0B1EaV_bU7VImOGI2N2QzOTktMjIzZS00YjRmLWI2N DUtNDUxYTlhMTUwZTRk&hl=en_US)
Day two. (https://docs.google.com/leaf?id=0B1EaV_bU7VImZDI0ZjAxODEtNjQxYy00NzBhLTgxZ TgtNWVmZTU5ZGY0MmUy&hl=en_US)

Like BBC World News aptly puts it - Like suing Las Vegas because you came away broke!

David Merrill
09-05-11, 12:46 PM
I like my theory that Chase picked this fight by suing over one home in Oregon. Therefore I will be bumping my thread (http://savingtosuitorsclub.net/showthread.php?403-Chase-v-USA-IRS-Treasury) too.

The cases are Federal Housing Finance Agency v. Bank of America Corp. (BAC), 11-CV-6195; FHFA v. Barclays Bank Plc., 11-CV- 6190; FHFA v. Citigroup, 11-CV-6196; FHFA v. Credit Suisse Holdings (USA) Inc., 11-CV-6200; FHFA v. Deutsche Bank AG, 11- CV-6192; FHFA v. First Horizon National Corp., 11-CV-6193; FHFA v. Goldman, Sachs & Co., 11-CV-6198; FHFA v. HSBC North America Holdings Inc., 11-CV-6189; FHFA v. JPMorgan Chase & Co., 11-CV- 6188; FHFA v. Merrill Lynch & Co., 11-CV-6202; FHFA v. Nomura Holding America Inc., 11-CV-6201; FHFA v. SG Americas Inc., 11- CV-6203, U.S. District Court, Southern District of New York (Manhattan).

That gives a much easier snapshot for less PACER charges.