US sues 17 major banks over mortgage losses

WASHINGTON: US authorities on Friday sued 17 major banks for losses on mortgage-backed securities that lost value in the 2008 financial crisis, costing taxpayers tens of billions of dollars.The...

AFP

September 03, 2011

US sues 17 major banks over mortgage losses

WASHINGTON: US authorities on Friday sued 17 major banks for losses on mortgage-backed securities that lost value in the 2008 financial crisis, costing taxpayers tens of billions of dollars.

The Federal Housing Finance Agency said in a statement that it was suing financial institutions including Bank of America, Goldman Sachs, JPMorgan Chase, Deutsche Bank, HSBC, Barclays and Nomura.