Government Files Lawsuits Against Major Banks

September 2, 2011 Updated Sep 2, 2011 at 4:57 PM EDT

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Government Files Lawsuits Against Major Banks

September 2, 2011 Updated Sep 2, 2011 at 4:57 PM EDT

According to the New York Times, the federal government filed lawsuits Wednesday against a number of major banks related to mortgage securities the banks sold to Fannie Mae and Freddie Mac before the financial crisis.

The suits, filed by the Federal Housing Finance Agency, seek billions of dollars from the banks for losses suffered by Frannie Mae and Freddie Mac.

Read the New York Times story HERE.