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Fannie 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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