Government Sues Biggest U.S. Banks Over Mortgage-Backed Investments
September 02, 2011
In a sweeping move that opens a new front on the housing crisis, the U.S. government on Friday sued 17 financial firms, including the largest U.S. banks, for selling Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed.
Among the 17 targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co., Goldman Sachs.
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My comment...
So... in Oct. 2008 Congress passed a $700 Billion law to bail out these too-big-to-fail banks. And now we're going to sue them because they sold toxic securities to Fannie Mae & Freddie Mac. We should have simply let them go bankrupt three years ago and then taken them apart... brick by brick.
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