The New York Times reports today that the Federal Housing Finance Agency is poised to bring suit against a dozen major banks for misrepresenting the quality of mortgage securities the banks marketed through Fannie Mae and Freddie Mac.
Banks included under the proposed suit include Bank of America, JP Morgan Chase, Goldman Sachs, Deutsche Bank, among others.
This potential federal action is in addition to suits previously brought by 50 states attorneys-general as litigation continues to swirl in the beleaguered mortgage sector.
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