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Federal Housing Finance Agency to Sue Large Banks

Fannie Mae and Freddie Mac are overseen by the Federal Housing Finance Agency. This agency is moving forward to sue more than a dozen of the largest banks in the country. The banks allegedly misrepresented information concerning mortgage securities they had sold during the course of the housing bubble. The lawsuit seeks several billion dollars in compensation. It is estimated that Fannie Mae and Freddie Mac lost in excess of 30 billion dollars during the real estate bubble.

Attorney General Negotiating Settlement

In addition to this lawsuit, all 50 State Attorney Generals are in the process of negotiating a settlement that deals with the abuses of the large banks, including Bank of America, JP Morgan and Citibank, with regard to the mortgage process. It is anticipated the banks will pay in excess of 20 billion dollars in fines and penalties as a result of the negotiations with the Attorney General.

American International Group (AIG) Lawsuit

American International Group has brought litigation against Country Wide Financial, Bank of America and Merrill Lynch. They claim they misrepresented information concerning mortgage backed securities.

Foreclosure Defense

If you are a victim of the mortgage crisis in America, we can help you. We attend foreclosure court conferences on your behalf. We can submit an answer to your foreclosure proceeding that can include defenses involving defective mortgagesdefective foreclosure lawsuits, predatory lending and other real estate related defenses. We are knowledgeable about federal laws and foreclosure. We will provide you at the time of the initial consultation with all of your foreclosure options. These options will include foreclosure related bankruptcies. The filing of either a Chapter 7 or Chapter 13 bankruptcy will stop foreclosures from moving forward. Filing a bankruptcy will alsostop debt collectors and collection lawyers that may be harassing you. There are many bankruptcy myths that are untrue. Bankruptcy will not permanently destroy your credit. We will be able to help you re-establish credit after filing a bankruptcy.

Call us for a free consultation, we can help you. Thank you for visiting our foreclosure blog.

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The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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