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Economy
Related: About this forumFannie Mae Sues 9 Of The World's Biggest Banks Over Libor Scandal
Source: Associated Press
Fannie Mae Sues 9 Of The World's Biggest Banks Over Libor Scandal
AP | Posted: 10/31/2013 3:25 pm EDT
WASHINGTON (AP) Fannie Mae filed a lawsuit Thursday against nine major banks that alleges the mortgage giant lost hundreds of millions after the banks participated in the rigging of a key global interest rate.
The banks include Bank of America, Citigroup, JPMorgan Chase and others that set the London interbank offered rate, or LIBOR. It is the basis for trillions of dollars in contracts, including mortgages and bonds.
Fannie claims it suffered $800 million in losses from transactions based on the banks' false submissions of their borrowing costs used to calculate LIBOR.
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AP | Posted: 10/31/2013 3:25 pm EDT
WASHINGTON (AP) Fannie Mae filed a lawsuit Thursday against nine major banks that alleges the mortgage giant lost hundreds of millions after the banks participated in the rigging of a key global interest rate.
The banks include Bank of America, Citigroup, JPMorgan Chase and others that set the London interbank offered rate, or LIBOR. It is the basis for trillions of dollars in contracts, including mortgages and bonds.
Fannie claims it suffered $800 million in losses from transactions based on the banks' false submissions of their borrowing costs used to calculate LIBOR.
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Read more: http://www.huffingtonpost.com/2013/10/31/fannie-mae-sues-9-banks-libor_n_4182937.html
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Fannie Mae Sues 9 Of The World's Biggest Banks Over Libor Scandal (Original Post)
Eugene
Oct 2013
OP
Demeter
(85,373 posts)1. Sounds like Fannie got off cheap
The ripple effects of this racketeering are several times that
dipsydoodle
(42,239 posts)2. Jury should find the case interesting
assuming they can actually understand whatever evidence is produced to substantiate the claim. Expect a very long trial.
bemildred
(90,061 posts)3. Sorry deleting dupe. nt