U.S. Said to Be Ready to Sue Banks Over Mortgages - NYTimes.com: e 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.
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Joshua Lott for The New York Times
A foreclosed home in Arizona. The Federal Housing Finance Agency suits will argue that banks failed to perform due diligence and missed evidence that borrowers’ incomes were inflated or falsified.
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TimesCast | Banks Face Mortgage Lawsuits
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* Bank of America Corporation
* Citigroup Inc
* Goldman Sachs Group Inc
* JPMorgan Chase & Company
* Deutsche Bank AG
* American International Group Inc
* Federal Home Loan Mortgage Corp (Freddie Mac)
* UBS AG
* Federal National Mortgage Association Fannie Mae
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Andrew Harrer/Bloomberg News
Edward DeMarco of the Federal Housing Finance Agency.
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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, according to three individuals briefed on the matter.
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