NYT: US set to sue banks over bad mortgages - Business - US business - The New York Times - msnbc.com: "Private holders of mortgage securities are already trying to force the big banks to buy back tens of billions in soured mortgage-backed bonds, but this federal effort is a new chapter in a huge legal fight that has alarmed investors in bank shares. In this case, rather than demanding that the banks buy back the original loans, the finance agency is seeking reimbursement for losses on the securities held by Fannie and Freddie."
It's cheaper to buy politicians than pay the piper. We should calibrate suspicions of likely criminality with the size of political contributions.
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