FHFA sues banks over mortgage-backed securities

09/6/2011 | Wall Street Journal, The

The Federal Housing Finance Agency sued some of the world's largest financial institutions over mortgage-backed securities. The lawsuits claim that mortgages packaged into securities by the banks often did not to meet the companies' own underwriting standards. The FHFA claims the banks omitted crucial details and made false statements when the securities were sold to Fannie Mae and Freddie Mac.

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