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Loan Modification
: Mortgage Lender Implode-o-MeterSeattle Federal Home Loan Bank goes after Wall Street
By Implode-Explode Heavy Industries
According to The Wall Street Journal, the institution has filed 11 suits in King County Superior Court claiming that underwriters misled it about the quality of $4 billion of mortgage-backed securities it bought during the housing boom. The banks include Bear Stearns, now owned by JPMorgan Chase, Goldman Sachs, Morgan Stanley and Countrywide, now owned by Bank of America. It's demanding that the banks buy back the securities plus interest.
This should be interesting; the FHLBs now have lots of junk on their books. Not only from the boom, but also from the bust!
Full post as published by Mortgage Lender Implode-o-Meter on February 16, 2010 (boomark / email).
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