Repurchase Estimates Balloon as Litigation Grows

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A government-sponsored enterprise — the Federal Home Loan Bank of Indianapolis — is suing several big banks over alleged misrepresentation on mortgage investments. Among the defendants named are Chase Mortgage, GMAC Mortgage and Wells Fargo. The latest lawsuit brings repurchases sought by the Federal Home Loan Bank System to nearly $20 billion, while potential repurchases from all pending litigation at the top 11 banks could reach or exceed $200 billion by some estimates. Meanwhile, the Federal Deposit Insurance Corp. is looking at possible criminal action.

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