U.S. govt suing banks for $196billion for bad mortgages.
FHFA, the US housing agency, is suing 17 banks for selling toxic mortgage backed securities. Another sign that the fallout from the October 2008 mortgage crisis is not completely behind us. The lawsuit is for is for a staggering $196 billion.
Just to give you an idea of what that number compares to…. In Canada, it is estimated that we have around $1 trillion in outstanding mortgages…
The reality of these types of lawsuits is that it will cause some uncertainty in the market… and remember, uncertainty usually means a low-interest rate environment..
Steve Garganis View All
As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.
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