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Volume 21 - Number 3

February 9, 2010

Seattle FHLBank Sues on Bad MBS Deals, Seeks ‘Rescission’

Lawsuits filed by the Federal Home Loan Bank of Seattle against 11 global financial institutions not only shine the spotlight on the integrity of subprime underwriting again but also highlight the embedded losses in the FHLBank system. Filed in King County Superior Court in Seattle, the lawsuits seek to recoup losses on $3.9 billion in mortgage-backed securities the bank purchased...

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