$196 Billion LawsuitAgainst 17 Banks

5 Sep
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:

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: