FDIC Sues on Mortgage-Backed Securities Sold to Banks
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FDIC Sues on Mortgage-Backed Securities Sold to Banks
By Bob Van Voris
The Federal Deposit Insurance Corp. sued a group of banks including JPMorgan Chase & Co. (JPM) , Citigroup Inc. (C) , Bank of America Securities and Deutsche Bank AG (DBK) in two actions over mortgage-backed securities.
The FDIC, acting as receiver for two failed banks, filed the suits in New York federal court today seeking $77 million the banks allegedly lost on securities backed by residential mortgages.
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