Friday, July 26, 2013

THIS SURE IS TAKING A LONG TIME

Long after the wingnut lies about Fannie & Freddie being responsible (along with the CRA) for the Great Recession have become political folklore, we are getting a trickle of settlements from the Big Banks for cheating both agencies and here's one more:
UBS agrees to settle US housing claims

By James Shotter in Z├╝rich
FINANCIAL TIMES
July 22, 2013 11:42 am


UBS is set to pay more than SFr700m ($746m) to settle US claims relating to the alleged mis-selling of mortgage-backed securities in the run-up to the financial crisis.

The Swiss lender is one of 18 banks against which the Federal Housing Finance Agency has filed cases, as it seeks to recoup money owed to government-controlled housing giants Fannie Mae and Freddie Mac following their near-collapse in 2008.


The FHFA alleged that UBS had misrepresented the quality of loans underlying around $6.4bn of residential-mortgage-backed securities in which Fannie Mae and Freddie Mac had invested between September 2005 and August 2007, according to court documents released in April.

No comments: