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Why The Federal Government Is Suing The Banks

Why The Federal Government Is Suing The Banks

  • Federal regulators recently filed a lawsuit against the banks for their role in the financial crisis. Our partners at Column Five Media break down the story so you can understand the facts behind the case.

  • Two hundred billion dollars of subprime mortgage securities were sold by Freddie Mac and Fannie Mae to 17 financial institutions. The government is hoping to get back some of the bailout money -- to the tune of $150 billion in taxpayer dollars -- that helped saved mortgage companies.

    Not so fast though: The banks will fight tooth and nail to not have to cough up the estimated $60 billion they are projected to have to pay if they lose.

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