$196 Billion LawsuitAgainst 17 Banks

FHA Files a $196 Billion LawsuitAgainst 17 Banks
The Federal Housing Finance Agency (FHFA), as conservator forFannie Mae and Freddie Mac (the Enterprises), today filed lawsuitsagainst 17 financial institutions, certain of their officers and variousunaffiliated lead underwriters. The suits allege violations of federalsecurities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the Enterprises.Complaints have been filed against the following lead defendants, inalphabetical order:1. Ally Financial Inc. f/k/a GMAC, LLC – $6 billion2. Bank of America Corporation – $6 billion3. Barclays Bank PLC – $4.9 billion4. Citigroup, Inc. – $3.5 billion5. Countrywide Financial Corporation -$26.6 billion6. Credit Suisse Holdings (USA), Inc. – $14.1 billion7. Deutsche Bank AG – $14.2 billion8. First Horizon National Corporation – $883 million9. General Electric Company – $549 million10. Goldman Sachs & Co. – $11.1 billion11. HSBC North America Holdings, Inc. – $6.2 billion12. JPMorgan Chase & Co. – $33 billion13. Merrill Lynch & Co. / First Franklin Financial Corp. – $24.8 billion14. Morgan Stanley – $10.6 billion15. Nomura Holding America Inc. – $2 billion16. The Royal Bank of Scotland Group PLC – $30.4 billion17. Société Générale – $1.3 billion
Some links to actual lawsuits:
Here is the press release from FHFA:
Unknown's avatar

Author: timothymccandless

I have spent most of my professional life helping people who were being taken advantage of by systems they did not fully understand. As an attorney, I represented consumers against predatory lending practices and worked in elder law protecting seniors from fraud. My family lost $239,145 to identity theft, which became the foundation for my seniorgard.onlime and deepened my commitment to financial education. Since 2008, I have maintained a blog at timothymccandless.wordpress.com providing free financial education. Not behind a paywall. Free, because financial literacy should not cost money. I trade with real money using the exact strategy described in this book. My current positions: Pfizer at $16,480 deployed generating $77,900 per year net. Verizon at $29,260 deployed generating $51,000 per year net. Combined: 293% annualized pace. These are my only active positions. Not cherry-picked.

Leave a comment