The Federal housing agency is currently has new plans for the big banks in New York. This agency basically caters the mortgage agencies which provides mortgage to the parties in United States. The big mortgage firms are overseen by this Federal Housing Agency which includes Fannie Mae and Freddie Mac. As per the news reports, the Federal Housing agency is planning to file a law suit against the big banks in New York state. This decision is based on receiving billions of pending Dollars from these banks. The accusation which the agency has laid upon the big banks is that these banks have imperfectly represented the securities which they put together from these mortgage institutes and also have sold these securities further at the peak time of the housing schemes. These big banks under accusations involve the JP Morgan, Goldman Sachs and the Deutsche bank. The situation got worst when the housing sector observed the sudden and a huge downfall right after its boom. Basically this was the reason to why these banks are not able to repay the amount of the mortgage agencies. The problem is creating a lot of mess in this sector and now it’s predicted that the financial sector of the state could also come under its effect. The case is expected to be filed within a day or a two.
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