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Brad Miller

Miller Applauds FHFA Decis. to File Suit Against Major Banks

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U.S. Rep. Brad Miller (D-NC) today applauded the efforts of the Federal Housing Finance Agency (FHFA), which oversees mortgage giants Fannie Mae and Freddie Mac, for its expected lawsuits against some of the largest banks in the country for misrepresenting the quality of loans they had assembled and sold as securities to investors and the agencies. Pending lawsuits against Bank of America, JPMorgan Chase, Goldman Sachs, Deutsche Bank and others allege that the banks failed to perform their due diligence to verify borrower income and property values that were often inflated or false.

 

During the height of the mortgage bubble, Fannie and Freddie invested in these private label mortgage securities which resulted in substantial losses to the enterprises and the taxpayer. Miller has repeatedly called on Edward DeMarco, Acting Director of FHFA, to d. everything in his power to recover these funds.

 

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by LuAnn Canipe

 

Source: foreclosurehamlet.org


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