FHFA Goes After Financial Firms for Bad Mortgages
The Wall Street Journal has just reported that the Federal Housing Finance Agency ("FHFA") has filed "lawsuits against 17 of the nation's largest banks over soured mortgage bonds, aiming to recoup billions of dollars in losses from failed investments." The lawsuits focus upon securities "based on subprime and other risky loans that were originated by mortgage companies, packaged by Wall Street firms, and then sold to investors."
As you know, HOAs have also been hammered by foreclosures resulting from marginal loans made by some lenders. Unfortunately, we don't have a federal regulator to go to bat for us to recover the ghastly amounts of unpaid assessments resulting from these foreclosures!