NY Times breaking story:
U.S. Is Set to Sue a Dozen Big Banks Over Mortgages
The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.
Was talk of this in the mkt yesterday but getting ‘broken’ now in the NY Times.
ES on Globex getting hit.