Hedge Fund sues banks for $1.2 billion loss tied to subprime + U.S. agency issues 64 subpoenas on private mortgage bonds

[mEDITate-OR:

miss out on all that white collar crime...

While we all have seen the notices of litigation over the subprime RE collapse, these two little items are very interesting.

In the 1st article, is the size of the lawsuit and who is now suing. But, what you might find even more interesting is "The Case" that they have put together. This does not read as though they jumped in bcuz everyone was doing it. They prepared this one - to win. This will be interesting.

The 2nd article is interesting bcuz of who is issuing subpoenas - the FHFA - the regulators of FMae&FMac.

What this proves to U.S. is that when FMae&FMac began to force those who sold bad securities to them to buy them back, it became very clear, very early, that this was going to be A Big Problem. So, the sellers baulked.

Now, the Feds are turning up the pressure.

This, too, will get more interesting.

===========

Hedge Fund sues banks for $1.2 billion loss tied to subprime
http://news.yahoo.com/s/nm/20100712/bs_nm/us_cambridgeplace_subprime_lawsuit
=========
U.S. agency issues 64 subpoenas on private mortgage bonds
http://news.yahoo.com/s/nm/20100712/ts_nm/us_fannie_freddie_fhfa
==========