It’s official. The Federal Housing Finance Agency (FHFA) has unleashed a barrage of lawsuits against Wall Street investment banks and major mortgage lenders. The agency is suing 17 financial institutions, as well as company officers and underwriters, alleging violations of federal securities laws related to mortgage bonds sold to Fannie Mae and Freddie Mac. When news of the impending lawsuits broke, the industry was all abuzz, but those we’ve spoken with say it shouldn’t have come as a surprise.
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