US Government Sues 17 Banks for Alleged $200 Billion Fraud
The United States government has filed a lawsuit against 17 large banks alleging that the financial institutions have committed a pattern of fraud in the way they packaged and sold approximately $200 billion worth of mortgage-related securities. Some of the accused include Bank of America and its Merrill Lynch division and Citigroup.Specifically, it is alleged that these banks and others knowingly sold shoddy mortgages without informing investors of the risks. The federal Fannie Mae and Freddy Mac groups were among those who allegedly bought the shoddy investments, and the government says that not even the most sophisticated investor could have known about all of the risks, even after due diligence.
Many of these banks are currently negotiating with the Attorneys General in all 50 states regarding mortgage investment abuse. The banks have stated that this lawsuit may interfere with those cases.
A settlement is widely expected in this case.
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