US or Federal Housing Finance Agency, sued major banks, including Bank of America, Citigroup Inc, etc. over packing bad mortgages into securities and selling them to the US government. This comes after US gave a huge bail out, only several years ago, to those same Banks, to get them out of the trouble of bad mortgages. Seems ironic, isn't? Now, that the Bank industry is suffering, as one of the worst industries in the world, the US government decides to get their money back. What will the Bank's do????
Read more at http://www.chicagotribune.com/business/breaking/chi-report-us-to-sue-12-large-banks-over-mortgage-portfolios-20110901,0,5699337.story