Fannie and Freddie’s revenge — the details

[FarCenter]

The details of the US government’s attempted bank raid are coming in on Friday afternoon.

The Federal Housing Finance Agency has filed 17 lawsuits against banks operating in the US.

The legal filings can be found here. (The press release is here.)

http://ftalphaville.ft.com/blog/2011/09/02/668196/fannie-and-freddies-revenge-the-details/

The following is the list of banks and the total value of securities involved. The damages sought would be a fraction of the value.

US Banks
Ally Financial            6,000
BofA Corporation          6,000
BofA Countrywide         26,600
BofA Merrill             24,850
Citigroup                 3,500
First Horizon               883
General Electric Company    549
Goldman Sachs            11,100
JPMorgan Chase           33,000
Morgan Stanley           10,580

UK Banks
Barclays                  4,900
HSBC                      6,200
Royal Bank of Scotland   30,400

Swiss Banks
Credit Suisse            14,100
UBS*                      4,500

German Bank
Deutsche Bank            14,200

Japanese Bank
Nomura                    2,000

French Bank
Société Générale          1,300

TOTAL                   200,662

[FarCenter]

1. Footnote re Royal Bank of Scotland

Since RBS has been taken over by the British government when it became insolvent, the US government is effectively suing the UK government.

[BiggJawn]

2. GE is on the hook for only 549 Million?

Will the FHFA take a checque?

[FarCenter]

3. Probably not

For transactions that size, use FedWire.

[dixiegrrrrl]

4. "The damages sought would be a fraction of the value. "

What if I walked into a bank, held it up, got caught, was fined 1% of the amount of money I took.
What would be the odds I would stick up another bank in a heartbeat?

NO difference between a walk in robber and a TBTF criminal enterprise that STILL has not had ONE serious criminal fraud charge filed.

Repeat: "Criminal" charges.