FHFA Confirms Suit Against Banks, Alleges 'Misrepresentation of Quality' on Mortgage Securities
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The FHFA has confirmed rumors earlier Friday it has filed a suit against a number of banks, totaling billions in fines, alleging misrepresentation of the quality of mortgage securities assembled and sold at the height of the housing bubble.
While details of the suit are still trickling in, Bank of America (NYSE: BAC), Merrill Lynch, Barclays (NYSE: BCS), Citibank (NYSE: C), Nomura, Deutsche Bank (NYSE: DB), Credit Suisse (NYSE: CS) JPMorgan (NYSE: JPM) and First Horizon (NYSE: FHN) have all been included.
The Financial Select Sector SPDR (NYSE: XLF) closed down 4.13 percent this afternoon. The ETF is down slightly after hours Friday.
While details of the suit are still trickling in, Bank of America (NYSE: BAC), Merrill Lynch, Barclays (NYSE: BCS), Citibank (NYSE: C), Nomura, Deutsche Bank (NYSE: DB), Credit Suisse (NYSE: CS) JPMorgan (NYSE: JPM) and First Horizon (NYSE: FHN) have all been included.
The Financial Select Sector SPDR (NYSE: XLF) closed down 4.13 percent this afternoon. The ETF is down slightly after hours Friday.
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