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 ALLY SECURITIES et al

FDIC vs JPMORGAN SECURITIES et al

FDIC vs COUNTRYWIDE SECURITIES et al