by Calculated Risk on 9/02/2011 05:05:00 PM

From the FHFA: FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac

The Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae and Freddie Mac (the Enterprises), today filed lawsuits against 17 financial institutions, certain of their officers and various unaffiliated lead underwriters. The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the Enterprises.

Here are the links to the legal filings for each bank.

An excerpt from the filing against BofA:

This action arises out of Defendants’ actionable conduct in connection with the offer and sale of certain residential mortgage-backed securities to Fannie Mae and Freddie Mac (collectively, the “Government Sponsored Enterprises” or “GSEs”). These securities were sold pursuant to registration statements, including prospectuses and prospectus supplements that formed part of those registration statements, which contained materially false or misleading statements and omissions. Defendants falsely represented that the underlying mortgage loans complied with certain underwriting guidelines and standards, including representations that significantly overstated the ability of the borrowers to repay their mortgage loans.
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Between September 30, 2005 and November 5, 2007, Fannie Mae and Freddie Mac purchased over $6 billion in residential mortgage-backed securities (the “GSE Certificates”) issued in connection with 23 BOA-sponsored and/or BOA-underwritten securitizations.