FDIC Sues Banks and Depositors Over MBS Fraud

``On August 17th, the FDIC as receiver for Guaranty Bank out of Texas brought suit against Ally Securities, Bank of America, Bear Stearns Companies, Countrywide Financial Corp., Countrywide Securities, CWALT, Deutsche Bank Securities, Goldman Sachs, JPMorgan Securities, Merrill Lynch, Royal Bank of Scotland, Structured Asset Mortgage Investment II, Inc, WaMu Asset Acceptance and WaMu Capital Corporation for misleading Guaranty Bank into buying toxic mortgage backed securities that lead to it's collapse in 2009. The three lawsuits make for an interesting read so grab your coffee.''