Major Banks Sued by FHFA for LTV and Occupancy Misrepresentations

09/09/2011 2:14 PM | Anonymous

Major banks allegedly misrepresented the owner occupancy and loan-to-value ratios by sometimes as many as 50 percentage points or more on securities sold to Fannie Mae and Freddie Mac, according to the lawsuits theFederal Housing Finance Agency filed last week.

The FHFA, overseer of the government-sponsored enterprises, filed suits against 17 major banks and scores of individual executives, alleging they knowingly falsified the quality of mortgage-backed securities sold to the GSEs. The lawsuits span nearly $190 billion in MBS.

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