The Federal Housing Finance Agency is filing suit today or on Tuesday against JP Morgan Chase, Goldman Sachs, Bank of American, and more than a half-dozen other large banks, in an effort to recoup billions in losses from shitty AAA-rated mortgage securities.
It’s about time. The statute of limitations is about to run out.
The FHFA oversees Fannie Mae and Freddie Mac, which all conservatives know caused the economic collapse by giving mortgages to black people. I assume their heads will explode when they discover that that Freddie and Fannnie are suing the banks for fraud. In their twisted racist worldview, the banks should be suing the FHFA (or black people) instead of the other way around.
Of course, the New York Times expresses more concern that the banks will lose the case and have to be recapitalized than they do hope that some measure of justice will be done.
