Feds Charge 17 Banks With A Touch of the “Fraud” RE: Subprime Mortgage Securities

Or as the FHFA explains it, these loans simply had:

“different and more risky characteristics than the descriptions contained in the marketing and sales materials provided to the Enterprises for those securities.”

I think it is great that the government is finally going after these banks, although, the language they use sounds mostly like someone complaining about a less than truthful Match.com profile.

“Cheryl was nice and all, but to call her build ‘athletic’(see different) was definitely a stretch. Can you be athletic at 5’4″ 217lbs? Plus, what she referred to as an outgoing personality, definitely ended up being more on the manic depressive side(see risky characteristics).”

Civil complaints are a start, but when are the criminal charges going to be filed?

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