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 US regulator to sue banks over subprime mortgage losses

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US regulator to sue banks over subprime mortgage losses Vide
PostSubject: US regulator to sue banks over subprime mortgage losses   US regulator to sue banks over subprime mortgage losses Icon_minitimeSat Sep 03, 2011 1:56 am
US authorities are to sue 17 major banks for losses on mortgage-backed investments that cost taxpayers tens of billions of dollars.

US regulator to sue banks over subprime mortgage losses _55135133_goldman

The Federal Housing Finance Agency said it was taking action against banks including Goldman Sachs, Barclays, Bank of America, Deutsche Bank, and HSBC.

The agency says they misrepresented the quality of the mortgages they sold during the housing bubble.

The values plunged as the US was engulfed in the financial crisis.

The FHFA oversees mortgage giants Fannie Mae and Freddie Mac.

The two firms lost more than $30bn (£18.5bn), partly because of their investments in the subprime mortgages, and were bailed out by the US government.

Since the rescues, US taxpayers have spent more than $140bn to keep the firms afloat.

http://www.bbc.co.uk/news/business-14771936
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