Mind-Blowing News From FHFA
The Federal Housing Finance Agency is suing major Wall Street banks for (drum roll, please) lying about the quality of the mortgages they packaged into securities and sold to Fannie and Freddie. Let?s see if we can get this: A bankrupt government is suing on behalf of two bankrupt quasi-government firms, hoping to recover money from bankrupt banks that were already bailed out once by the aforesaid bankrupt government, and as a consequence may yet need to be bailed out again.
Source: http://www.forbes.com/sites/greatspeculations/2011/09/02/mind-blowing-news-from-fhfa/
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