the us federal housing finance agency on friday sued 17 top US and foreign banks over "billions of dollars" in losses on mortgage-backed securities that plunged in value in the 2008 financial crisis.
in court filings, the us federal housing finance agency alleged that in some cases, the lenders committed fraud in selling nearly $190 billion in securities to mortgage giants fannie mae and freddie mac, which had to tbe bailed out by the government.
the list of major banks include:
a. bank of america
b. goldman sachs
c. citigroup
d. jpmorgan chase
e. morgan stanley
f. general electric
g. ally financial
h. first horizon
i. deutsche bank
j. hsbc
k. credit suisse
l. barclays
m. nomura
n. the royal bank of scotland
o. societe generale
the us federal housing finance agency also sued two former mortgage giants -- Countrywide Financial and Merrill Lynch -- which are now part of Bank of America; together the face value of the mortgage backed-securities the three sold to Freddie and Fannie which were cited in the suits amounted to more than $57.5 billion.
my comments:
these law suits brings to me mind, the 'minibonds' saga here in our own backyard. i remember also clearly that promiseland independent, when we were propositioned, did not agree and did not sign an agreement to be introducers.
and that's why we are clearly mindful of our role as financial advisers or in football parlance, goal keepers if u like, entrusted with the collective wealth of our clientele which nobody can afford to lose.
and that's a promise which we intend to updold and deliver long into the future.
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