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U.S. regulator sues major banks over mortgages

Business

03-09-2011 | 01:17

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U.S. regulator sues major banks over mortgages

A U.S. regulator sued a series of big banks on Friday over losses on more than $41 billion in subprime mortgage bonds, which could hamper a broader government mortgage settlement with banks.

The FHFA accused major banks, including Bank of America Corp, its Merrill Lynch unit, Barclays, Citigroup and Nomura, of selling bonds backed by mortgages that should have never been packaged into securities.

-Reuters

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