FDIC Sues Major Banks for $2.1 Billion
AUSTIN (CN) – The FDIC, as receiver for Guaranty Bank, demands more than $2.1 billion from major banks that underwrote and sold securities backed by residential mortgages.
The Federal Deposit Insurance Corp. claims the banks pushed and sold the securities with false statements about the quality of the underlying mortgages.
The FDIC demands $900.6 million from these defendants, which charged Guaranty Bank $1.8 billion for eight certificates: Ally Securities; Goldman, Sachs & Co.; Deutsche Bank Securities; J.P. Morgan Securities; Structured Asset Mortgage Investments II; and The Bear Stearns Cos.
In a second complaint, the FDIC demands $677.4 million from these defendants, which charged Guaranty Bank $2.1 billion for 20 certificates: J.P. Morgan Securities fka Bear, Stearns & Co.; Merrill Lynch, Pierce, Fenner & Smith; RBS Securities; WaMu Asset Acceptance Corp.; and WaMu Capital Corp.
In the third complaint, the FDIC demands $559.7 million from these defendants, which charged Guaranty Bank $1.5 billion for eight certificates: Countrywide Securities Corp.; CWALT, Inc.; Countrywide Financial Corp.; Bank of America Corp.; Deutsche Bank Securities; and Goldman, Sachs & Co.
Copies of the complaints below…
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4closureFraud.org
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FDIC vs JPMORGAN SECURITIES et al
FDIC vs COUNTRYWIDE SECURITIES et al
Wow.
WHAT ELSE IS NEW!!!
Dominic Codio-
We are all paying for this in the ongoing bailouts of the TBTF. This is one hand giving to the other hand unless this money goes back to the American people. The politicians simply recapitalized these banks for committing massive fraud in our names. This is completely oppressive to the people. This is why the economy stinks because they keep recycling fraud with our wealth and not paying back the victims…. who are WE THE PEOPLE.
THIS IS ONLY CONFIRMATION OF THE MASSIVE DOMINO CHAIN OF FRAUD FROM THE BANKS THAT WERE ALREADY CONVICTED….
And this helps the defrauded homeonwers how?