Feds sue biggest US banks over risky mortgages
NEW YORK - September 2, 2011
Among the 17 institutions targeted by the lawsuits were Bank of
America Corp., Citigroup Inc., JP Morgan Chase & Co., Goldman
Sachs.
Home mortgage-backed securities were risky investments whose
collapse after the real-estate bust helped fuel the financial
crisis that erupted in late 2008.
The lawsuits were filed Friday by the Federal Housing Finance
Agency, which oversees mortgage buyers Fannie Mae and Freddie Mac.
