Housing in America: Oversight of the Federal Housing Finance Agency
The FHFA in 2011 filed suit first against UBS then against 17 other financial institutions accusing them of misrepresenting about $200 billion in mortgage-backed securities sold to Fannie Mae and Freddie Mac. The suits, some of which name individual defendants, allege a variety of violations of federal securities law and common law and paint “a damning portrait of the excesses of the housing bubble.” The suits seek a variety of damages and civil penalties. This Act does not apply to any credit union, bank, banking association, trust company, savings bank, or savings and loan association authorized to do business under … Read more