US To Sue Major Banks Over Mortgage Debt

The U.S. Federal Housing Finance Agency plans to sue "more than a dozen" major banks for billions of dollars over alleged misrepresentation of mortgage-backed securities sold before the housing bubble burst, the New York Times reported late Thursday. Targets of the planned lawsuits include Bank of America Corp. (BAC) , JPMorgan Chase & Co. (JPM) , Goldman Sachs Group Inc. (GS) and Deutsche Bank AG (DB) , the report said, citing three unidentified individuals briefed on the matter. The suits will be filed by Tuesday at the latest, shortly before a deadline expires for the housing agency to file claims, the report said.