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Latest Round of Mortgage Worries Weigh on BofA and CitigroupThe Paragon Report Provides Equity Research on Bank of America & Citigroup (September 13, 2011)
NEW YORK, NY -- (Marketwire) -- 09/13/11 -- The Paragon Report examines investing opportunities in the Money Center Banking Industry and provides equity research on Bank of America Corporation (NYSE: BAC) and Citigroup, Inc. (NYSE: C). Access to the full company reports can be found at:
A new round of mortgage worries has weighed on shares throughout the Money Center Banking industry. Reuters recently reported that investors are becoming concerned the industry faces a long slog of litigation due to toxic mortgages. Earlier this month the Federal Housing Finance Agency (FHFA) sued 17 US banks and financial institutions over $200 billion in subprime mortgage-backed bonds, now owned by Fannie Mae. The FHFA has been demanding refunds from banks for loans sold to Fannie Mae and Freddie Mac that were based on false or missing information about borrowers and properties. The two government-backed mortgage finance firms had to be rescued by taxpayers as defaults on home loans soared toward record levels.
The Paragon Report provides investors with an excellent first step in their due diligence by providing daily trading ideas, and consolidating the public information available on them. For more investment research on the Money Center Banking industry register with us free at www.paragonreport.com and get exclusive access to our numerous stock reports and industry newsletters
This suit by Fannie Mae and Freddie Mac's regulator is just the latest addition to those worries as lawsuits continue from investors who purchased mortgage-backed securities during the housing boom that are now comprised of toxic home loans.
The agency said in its filings that Fannie Mae and Freddie Mac bought $6 billion in securities from Bank of America; $24.8 billion from Merrill Lynch & Co., which Bank of America bought. Citigroup was one of the 17 banks named in the FHFA lawsuit. In the filings, the agency says that Fannie and Freddie bought $3.5 billion in securities from Citigroup.
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