The federal agency of US has filed law suits against some of the financial institutions which includes some of the Indian institutions. US federal agency has sued about 17 finaical institutions which includes citigroup which is an Indian American firm. bCitigroup is still in attempt to recover back its billions of dollars which were in losses due to some of the mortgage investments.
The 17 institutions include Federal Housing Finace agency Bank of America,Goldman Sachs,JPmorgan Chase and some more firms. Some financial firms like Federal Housing Finaical has oversees some mortgage Gigants say some of the spokesman. FHFA has at present contends and misinterpreted the quality of investments which have been underlying with loans. According to the review FHFA has allegedly the loans against the financial institutions and has even sued some of them.
FHFA had shown a risky characteristics while giving the details of these institutions in regard with marketing and sales materials. The misrepresentations as given by FHFA includes borrowers ability in repaying the mortgage has been overstated. The misrepresentation even include loans and the owner occupied properties along with the debt amount over the home values. The mortgage losses has created some confusion due to some of the misrepresentation and needs to be analyzed.