FDIC Sues Banks for $2.1 Billion

Courthouse News Service

 The Federal Deposit Insurance Corp. claims the banks pushed and sold the securities with false statements about the quality of the underlying mortgages.
     The FDIC demands $900.6 million from these defendants, which charged Guaranty Bank $1.8 billion for eight certificates: Ally Securities; Goldman, Sachs & Co.; Deutsche Bank Securities; J.P. Morgan Securities; Structured Asset Mortgage Investments II; and The Bear Stearns Cos.
     In a second complaint, the FDIC demands $677.4 million from these defendants, which charged Guaranty Bank $2.1 billion for 20 certificates: J.P. Morgan Securities fka Bear, Stearns & Co.; Merrill Lynch, Pierce, Fenner & Smith; RBS Securities; WaMu Asset Acceptance Corp.; and WaMu Capital Corp.
     In the third complaint, the FDIC demands $559.7 million from these defendants, which charged Guaranty Bank $1.5 billion for eight certificates: Countrywide Securities Corp.; CWALT, Inc.; Countrywide Financial Corp.; Bank of America Corp.; Deutsche Bank Securities; and Goldman, Sachs & Co.
     All the lawsuits are in Travis County Court.