It has been a long time coming. The sale and mis-pricing of mortgage backed securities, tied to American housing prices, are considered the prime contributor which almost brought down the US financial system at the end of 2008. The fiasco is also considered on the the prime triggers of the recession
Now, after countless Congressional hearings and investigations by government agencies, the US wants the banks that sold many of the mortgage backed securities to be held accountable.
According to The Wall Street Journal
Federal securities regulators plan to warn several major banks that they intend to sue them over mortgage-related actions linked to the financial crisis, according to people familiar with the matter.
And,
Banks whose activities are being examined in the civil investigation include Ally Financial Inc., Bank of America Corp., Citigroup Inc., Deutsche Bank AG and Goldman Sachs Group Inc., people familiar with the matter say.
Top Gaining Stocks
Top Losing Stocks