The federal agency that oversees Fannie Mae and Freddie Mac is set to file suit in the coming days against more than a dozen big banks, accusing them of fraudulently assembling and selling toxic mortgage securities during the housing bubble, The New York Times reported. The mortgage giants now under federal conservatorship are seeking to recover billions for taxpayers on losses on the securities – Bank of America, JP Morgan Chase, Goldman Sachs and Deutsche Banks are some of the banks said to be in the crosshairs. The government’s move in advance of a deadline to file claims also comes nearly three years after the fall of Lehman Brothers kicked off a global financial crisis. While no major Wall Street executives have gone to jail in the interim for their role in the crises, big banks have faced a flurry of lawsuits from angry investors who want their money back.
Read entire article at MSNBC
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