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.
The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.
Justice does take its sweet, sweet time.
At least GOOD justice
In fact. If you walk down the avenue of cases where a suspect was railroaded into court to appease some visceral, red meat urges of a screaming, angry public, you'll see a road a thousand miles long scattered with bad guys who got off free on sloppy police work and overreaching lawyers, and are now doing whatever it is OJ Simpson is doing.
We sure do hunger for a justice slinging vigilante in Spandex and tights to swoop in and make things better for justice. Somebody with radioactive fists of justice who's going to find the bad men, cut the bureaucratic legal crap, and start beating the justice out of them. Somebody who is going to fix the problem RIGHT NOW.
But that doesn't happen.
The real heros are the tight lipped chiefs who say things like this to the blood thirsty press "Uh...we have a person of interest, and we're monitoring the situation." And they continue to "monitor the situation" for most of a year or two until they have EXACTLY the rock solid evidence they need to lock that bastard up for the rest of his life. A ruthless, deliberative crush.