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FHFA Lawsuit Tally Approaches $8 billion

by devteam January 2nd, 2014 | Share

In 2011, The Federal Housing Finance Agency (FHFA) announced lawsuits against 18 financial institutions for securities violations and/or fraud relating to the sale of Mortgage-Backed Securities to Fannie and Freddie between 2005 and 2007. Today’s announcement is simply an update, stating the recovery amount is now “nearly $8 billion,” though the agency took the opportunity to refresh our memories of the 2011 announcement.</p

The 2011 PDF referenced today by FHFA is essentially just a list of the entities involved.  They include:</p

1.      AllyrnFinancial Inc. f/k/a GMAC, LLC
2.     rnBank ofrnAmerica Corporation
3.     rnBarclaysrnBank PLC
4.     rnCitigroup,rnInc.
5.     rnCountrywidernFinancial Corporation
6.     rnCredit SuissernHoldings (USA), Inc.
7.     rnDeutschernBank AG
8.     rnFirst HorizonrnNational Corporation
9.     rnGeneralrnElectric Company
10.   rnGoldman Sachsrn& Co.
11.   rnHSBC North America Holdings, Inc.
12.   rnJPMorgan Chase &rnCo.
13.   rnMerrill Lynch & Co.rn/ First FranklinrnFinancial Corp.
14.   rnMorgan Stanley
15.   rnNomurarnHolding America Inc.
16.   rnThe RoyalrnBank of Scotland Group PLC
17.   rnSociétérnGénérale
18.    UBS</p

Mortgage News Daily’s original coverage goes into greater detail on that announcement, even digging in to some of the more eye-opening “actual vs claimed” statistics on loan features such as LTV.  Certain tranches of MBS were represented as having ZERO loans with LTVs over 100 percent whereas the actual review showed it was more than 20 percent of the loans in some cases.  Again, this info is all old news, but since FHFA is calling your attention to the superficial list, here’s the original deeper dive:</p

Read More: FHFA Sues 17 Banks, 132 Individuals Over MBS</p

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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