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March 16, 2015

Japanese bank seeks justice in subprime mortgage trial

It’s a question often asked but never answered: Who’s to blame for the subprime mortgage crisis?
The American public will get a rare window into what went wrong when government-sponsored home loan giants Fannie Mae and Freddie Mac square off with Japanese bank Nomura in a first-of-its-kind trial over the sale of soured mortgage-backed securities.
“This has the potential for being a great public service to the American people as one of the very rare opportunities where we may actually get to see some of the facts of how these banks inflated the subprime bubble but stuck Fannie and Freddie with toxic securities,” said Dennis Kelleher, CEO of advocacy group Better Markets.
Read the full New York Post article by Kevin Dugan here.
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