A federal U.S. agency is ready to sue more than a dozen major banks, arguing that they misrepresented the quality of mortgage securities they put together and sold in the run-up to the bursting of the housing bubble, the New York Times reported Friday.
The report said the Federal Housing Finance Agency, which oversees mortgage firms Fannie Mae and Freddie Mac, is expected to file the lawsuits in federal court Friday or Tuesday. The agency is expected to seek billions in compensation.
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