Las Vegas, NV -- (SBWIRE) -- 11/01/2013 -- Federal National Mortgage Association (OTCBB:FNMA) says that it submitted legal application against the loss it had to face because of recent scandal. The company says that the LIBOR rate-fixing scandal costed it millions thus it filed $800 million lawsuit.
FNMA says that it is suing banks because the interest rates were manipulated by them. The banks include Barclays, Bank of America, Citigroup, Credit Suisse, Deutsche Bank, Rabobank, JPMorgan Chase, Royal Bank of Scotland, and UBS AG Bank.
The company says that these banks were involved in breach of contract. This can be translated as fraud that created LIBOR scandal. The loss, company says, can be $3 billion if well researched.
Federal National Mortgage Association is US government-sponsored business that wires liquidity and strength in secondary mortgage market. FNMA operates on market liquidity achieved by securitizing mortgage loans in the primary mortgage market. It purchases mortgage loans and securities for its portfolio.
To find out what OTCMAGIC projects for Federal National Mortgage Association for both short term and long term please click here: FNMA
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