Skip to comments.U.S. government 'to sue' 17 major banks for billions over financial crisis mortgage sales
Posted on 09/03/2011 9:37:05 AM PDT by Do Not Make Fun Of His Ears
The government on Friday sued 17 financial firms, including the largest U.S. banks, for selling Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed.
Among those targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co., and Goldman Sachs Group Inc. Large European banks including The Royal Bank of Scotland, Barclays Bank and Credit Suisse were also sued.
The lawsuits were filed by the Federal Housing Finance Agency. It oversees Fannie and Freddie, the two agencies that buy mortgages loans and mortgage securities issued by the lenders.
The total price tag for the mortgage-backed securities sold to Fannie and Freddie by the firms named in the lawsuits: $196 billion.
(Excerpt) Read more at dailymail.co.uk ...
Easy to understand - Obama takes his entire approach to the nation from his cultural icon, Vladimir Lenin.
Think extortion remember your dealing with Obama&Co.
Maybe the banks will sue Jimmah Carter for starting the problem in the first place in 1977 with the CRA.
I love the idea of suing Janer Reno.
Don’t forget the part that Henry Cisneros played-—he was pushing for any & all minorities to ‘get their piece of the home ownership pie’.
“Moving on up—to the east side.....”
But will not investigate Fannie Mae and Freddie Mac or the goverment that sued the 17 financial firms in the first place to make the loans that went bad
We forced you to make loans to people who didnt even have a job AKA the community reinvestment act ala Carter and Clinton, now we are going to punish you for giving those loans out
1. Demonize the banks for not making unsecured loans
2. Sue the banks to make unsecured loans
3. Banks makes unsecured loans
4. Loan goes bad
5. Demonize the banks for making unsecured loans
6. Sue the banks for making unsecured loans
7. Banks stops unsecured loans
...Go back to step 1. and repeat....
Oh they’ll back off when the BigB’s army of attorneys start supoenaing all the records of Frank,Dodd, Turbo Tim, Bernacke, Paulson etc etc etc.
I would love to see the records of the meeting where Bernack and Johnson threatened on Back. That if they didn’t go along with the bailout they would suddenly have a liquidity ratio problem.
And Timmy deciding WHICH banks get bought by who, now that was rich.
This is going to go away fast. Count on it. It won’t be the banks going to prison it will be Admin, Fed and Bank regs people going to club Fed.
Don't forget Boy Obama who used his lawyerly skills to lobby the Clinton administration to beef up the CRA...the same Obama who organized sit-ins at Bank of America to force them to increase the number of sub-primes issued.
Now the Obama administration wants to sue Bank of America for issuing the junk loans he pressed them to grant in the first place? Uh-huh.
Money Laundering, bribes, corruption