The FHFA is embroiled in securities litigation with all of the following major financial institutions, relating to representations and warranties made to Fannie and Freddie relating to the securitization of residential mortgages before the meltdown. What has arisen in this “Superbowl of Litigators” as Reuters referred to it, is a battle to the death over the second cousin of the “statutes of limitation,” the “statutes of repose.” Here’s the Reuters article, but more importantly, go to the FHFA link below to review the complaints against all of the major banks, containing allegations regarding the failure of underwriting standards, etc.
FHFA Filings in PLS Cases, September 2, 2011:
Ally Financial Inc. f/k/a GMAC, LLC
Bank of America Corporation
Barclays Bank PLC
Countrywide Financial Corporation
Credit Suisse Holdings (USA), Inc.
Deutsche Bank AG
First Horizon National Corporation
General Electric Company
Goldman Sachs & Co.
HSBC North America Holdings, Inc.
JPMorgan Chase & Co.
Merrill Lynch & Co. / First Franklin Financial Corp.
Nomura Holding America Inc.
The Royal Bank of Scotland Group PLC
FEDERAL HOUSING FINANCE AGENCY, AS CONSERVATOR FOR THE FEDERAL NATIONAL MORTGAGE ASSOCIATION AND THE FEDERAL HOME LOAN MORTGAGE CORPORATION v. UBS AMERICAS INC., UBS REAL ESTATE SECURITIES INC., UBS SECURITIES, LLC, MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC. DAVID MARTIN, PER DYRVIK, HUGH CORCORAN, and PETER SLAGOWITZ