Government Sues Biggest U.S. Banks Over Mortgage-Backed Investments

FoxNews: Government Sues Biggest U.S. Banks Over Mortgage-Backed Investments

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

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?

Or compound the mess. I managed to summarize the whole deal quite nicely in my opinion:

http://img194.imageshack.us/img194/9...surenotice.jpg

http://img62.imageshack.us/img62/810...urenotice2.jpg

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 - 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.
Day two.


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

I like my theory that Chase picked this fight by suing over one home in Oregon. Therefore I will be bumping my thread 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.