Freddie Mac Sues 15 Banks Over LIBOR Rigging

Posted by Orb Staff on March 21, 2013 No Comments
Categories : Residential Mortgage

13514_freddie-mac Freddie Mac Sues 15 Banks Over LIBOR Rigging Freddie Mac has filed a lawsuit against 15 big banks for their alleged rigging of the London Interbank Offered Rate (LIBOR).

The Associated Press reports that the lawsuit was filed on March 14 in federal court in Alexandria, Va.; Freddie Mac made no mention of the lawsuit on its website. Bank of America, Citigroup and JPMorgan Chase were among the financial institutions named in the lawsuit.

The Federal Housing Finance Agency's Office of the Inspector General estimates that Freddie Mac and Fannie Mae may have lost more than $3 billion on their investments from the banks' LIBOR rigging.

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