MEDIA ADVISORY: U.S. Rep. Brad Miller to hold conference call briefing for reporters on lawsuits filed by the U.S. Federal Housing Finance Agency against 17 of the largest banks over faulty mortgage loans which helped lead the nation into the housing crisis.
RALEIGH, N.C. – The Federal Housing Finance Agency (FHFA), which manages Fannie Mae and Freddie Mac, claims that the banks misrepresented the worth of mortgage securities they arranged and sold. The court cases, seeking billions of dollars, were filed in federal court on Friday. They allege that the banks failed to perform due diligence to verify borrower income and property values that were often inflated or false. The list of banks sued by FHFA includes Bank of America Corp, Goldman Sachs Group Inc, JP Morgan & Chase & Co, Citigroup Inc, Deutsche Bank AG, Barclays PLC, Nomura Holdings Inc, Morgan Stanley, Ally Financial Inc, Credit Suisse Group Inc, First Horizon National Corp, General Electric Co, the HSBC North America Holdings unit of HSBC Holdings, The Royal Bank of Scotland Group PLC and Société Générale SA. FHFA filed extra court cases against Bank of America and its purchased Countrywide Financial Corporation and Merrill Lynch & Company divisions.
September 6, 2011
Miller has repeatedly called on Edward DeMarco, Acting Director of FHFA, to do everything in his power to recover these funds. The Congressman is available for a media briefing at 2 p.m. today to discuss what happened to prompt the lawsuits; what needs to happen next to fix the problem; and what it all means for the taxpayer.
When: Tuesday, September 6, 2011
Start time: 2:00pm (EST)
Dial-in number: 1-308-344-6400
Access Code: 150881#