US sues 17 big banks over financial-crisis losses
By Alexander Osipovich | AFP News – 11 hours ago
Enlarge PhotoA view of Fannie Mae headquarters is seen in Washington, DC, 2008. US authorities …
Enlarge Photo US authorities on Friday sued 17 major banks for losses on mortgage-backed securities …
US authorities on Friday sued 17 top US and foreign banks over "billions of dollars" in losses on mortgage-backed securities that plunged in value in the 2008 financial crisis.
In court filings the Federal Housing Finance Agency alleged that in some cases the lenders committed fraud in selling nearly $190 billion in securities to mortgage giants Fannie Mae and Freddie Mac, which had to be bailed out by the government.
US firms targeted in the suits included Bank of America, Goldman Sachs, Citigroup, JPMorgan Chase, Morgan Stanley, General Electric, Ally Financial and First Horizon.
The foreign banks were Deutsche Bank, HSBC, Credit Suisse, Barclays, Nomura, the Royal Bank of Scotland and Societe Generale.
The FHFA also sued two former mortgage giants -- Countrywide Financial and Merrill Lynch -- which are
In court filings the Federal Housing Finance Agency alleged that in some cases the lenders committed fraud in selling nearly $190 billion in securities to mortgage giants Fannie Mae and Freddie Mac, which had to be bailed out by the government.
US firms targeted in the suits included Bank of America, Goldman Sachs, Citigroup, JPMorgan Chase, Morgan Stanley, General Electric, Ally Financial and First Horizon.
The foreign banks were Deutsche Bank, HSBC, Credit Suisse, Barclays, Nomura, the Royal Bank of Scotland and Societe Generale.
The FHFA also sued two former mortgage giants -- Countrywide Financial and Merrill Lynch -- which are
