02-27-2020  8:23 am   •   PDX Weather    •   SEA weather  
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NORTHWEST NEWS

Shifting Demographics Drive GOP Nosedive on US West Coast

Political districts have flipped in population centers, from San Diego in the south to Seattle in the north

'A World of Hurt': 39 States to Investigate JUUL's Marketing

Oregon is one of five states leading a bipartisan coalition looking into JUUL’s targeting of youth vaping

US Appeals Court Upholds Trump Rules Involving Abortions

The 7-4 ruling by the 9th U.S. Circuit Court of Appeals overturned decisions issued by judges in Washington, Oregon and California

Jeremy Christian Guilty of Killing 2 Who Tried to Stop His Slurs on Max

Today jurors found Christian guilty of the May 26, 2017 stabbing deaths of Taliesin Namkai-Meche and Ricky Best

NEWS BRIEFS

State and Federal Agencies Aid Sunken Tugboat in Columbia River

Divers plugged fuel vents this afternoon and the vessel is not actively leaking ...

Multnomah County Promotes Voter Education Project

Multnomah County is partnering with National Association of Secretary of States (NASS) to promote #TRUSTEDINFO2020 ...

New Travel Ban Takes Effect, National Groups Respond

The expansion of the Muslim ban targets more Black immigrants ...

Harris, Booker Applaud House For Announcing Vote on Anti-Lynching Legislation

After passing the House, the bill will head to the president’s desk to be signed into law ...

Laugh Yourself Clean Recovery Comedy Show to be Held March 20 in Portland

Featuring Pacific Northwest comedians, the show will be held at the Clinton Street Theater ...

Suburban Seattle high school closed over new virus concerns

BOTHELL, Wash. (AP) — A suburban Seattle high school was closed Thursday after a staffer's family member was placed in quarantine for showing symptoms of possibly contracting the new virus that started in China.The Bothell High School staff member had returned to work Monday after a week of...

Man arrested by ICE near his kids’ school bus stop

PORTLAND, Ore. (AP) — A father who had just put his children on a school bus was arrested last week by Immigration and Custom Enforcement agents near Portland, officials said.On Feb. 19, the man, identified by ICE as Tomas Galvan-Rodriguez, dropped his children off at a school bus stop,...

Former AD, All-American center Dick Tamburo dies at 90

EAST LANSING, Mich. (AP) — Dick Tamburo, an athletic director at three major schools and an All-American center at Michigan State, has died. He was 90.Michigan State announced that Tamburo died Monday.A native of New Kensington, Pennsylvania, Tamburo served as the athletic director at Texas...

OPINION

Black America is Facing a Housing Crisis

As the cost of housing soars the homeless population jumps 12 percent, the number of people renting grows and homeownership falls ...

Trump Expands Muslim Ban to Target Africans

Under the new ban on countries, four out of five people who will be excluded are Africans ...

Martin Luther King Day is an Opportunity for Service

Find out where you can volunteer and make a difference to the community ...

Looking to 2020 — Put Your Vote to WORK!

Ronald Reagan, who turned his back on organized labor and started America’s middle-class into a tailspin, has recently been voted by this administration’s NLRB into the Labor Hall of Fame ...

AFRICAN AMERICANS IN THE NEWS

Kids shine as Broadway's 'To Kill a Mockingbird' goes big

NEW YORK (AP) — The cast of “To Kill a Mockingbird” ditched its somber Broadway home Wednesday for the cavernous Madison Square Garden, performing the play for 18,000 school kids in an electric one-time-only performance that one actor called “primal.”It marks the...

AP-NORC poll: Election security, integrity worry Americans

WASHINGTON (AP) — Americans have widespread concerns about the security and integrity of elections, with few saying they have high confidence that votes in the 2020 presidential election will be counted accurately.A poll from The Associated Press-NORC Center for Public Affairs Research finds...

High-stakes Los Angeles DA's race: Status quo vs. reform

LOS ANGELES (AP) — Jackie Lacey, the first black woman to lead the nation's largest local prosecutor's office, is fighting for a third term as Los Angeles County district attorney against a former police chief who says Lacey is too protective of law enforcement and puts too many people of...

ENTERTAINMENT

Film Review: 'Invisible Man' is a cunning if empty remake

Unraveling the dusted bandages of H.G. Wells’ classic 1897 science-fiction novel, writer-director Leigh Whannell has refashioned “The Invisible Man” as a bracingly modern #MeToo allegory that, despite its brutal craft, rings hollow. Our image of Wells’ villain —...

Soundtrack City: How Nashville is awash in film, game scores

NASHVILLE, Tenn. (AP) — Nashville is already known as Music City, but a new wave of music being recorded there for video games, TV shows and movies could earn it a new title as Soundtrack City. The city has a reputation for high quality studio musicians that can play just about any genre,...

Lee Phillip Bell, co-creator of popular soaps, dies at 91

LOS ANGELES (AP) — Lee Phillip Bell, who co-created “The Young and the Restless” and “The Bold and the Beautiful” and hosted her own daytime talk show in Chicago for 33 years, has died. She was 91.Bell died Tuesday of natural causes at her home in Los Angeles,...

U.S. & WORLD NEWS

UK court blocks Heathrow expansion over climate concerns

LONDON (AP) — Campaigners won a court ruling Thursday to block the plan for a third runway at Heathrow...

Scars of violence haunt India's capital after deadly riots

NEW DELHI (AP) — India's hard-line Hindu nationalists watched anti-government protests centered in Muslim...

Activists say Syrian opposition fighters retake key town

BEIRUT (AP) — Turkey-backed Syrian opposition fighters retook a strategic northwestern town from government...

Pope cancels visit with Rome priests for 'slight' illness

VATICAN CITY (AP) — Pope Francis is sick and skipped a planned Mass with Rome clergy across town on...

Putin rejected offer to use body doubles during Chechen war

MOSCOW (AP) — Russian President Vladimir Putin said he had rejected an offer to use body doubles for...

Activists: Syrian opposition fighters retake key town

BEIRUT (AP) — Turkey-backed Syrian opposition fighters Thursday retook a strategic northwestern town in...

McMenamins
Pallavi Gogoi and Eileen Aj Connelly AP Business Writers

NEW YORK (AP) -- In a sweeping move, the government on Friday sued 17 financial firms, including the largest U.S. banks, for selling Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed.

Among the 17 targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co., Goldman Sachs.

The lawsuits were filed Friday by the Federal Housing Finance Agency which oversees Fannie and Freddie, the two agencies that buy mortgages loans and mortgage securities issued by the lenders.

The total price tag for the securities bought by Fannie and Freddie affected by the lawsuits: $196 billion.

The government didn't provide a dollar amount of how much it seeks in damages. It said that it wants to have the purchases of the securities canceled, be compensated for lost principal and interest payments as well as attorney fees and costs. The lawsuits allege the financial firms broke federal and state laws with the sales.

Home mortgage-backed securities were risky investments that collapsed after the real-estate bust and helped fuel the financial crisis in late 2008.

In the lawsuits that were filed in federal or state court in New York and the federal court in Connecticut, the government said the securities were sold with registration statements and prospectuses that "contained materially false or misleading statements and omissions."

The Federal agency said the banks and mortgage lenders also falsely represented that the mortgage loans in the securities complied with underwriting guidelines and standards. They also included representations "that significantly overstated the ability of the borrower to repay their mortgage loans."

The 17 institutions are Ally Financial Inc., formerly known GMAC LLC, Bank of America Corp., Barclays Bank PLC, Citigroup Inc., Countrywide Financial Corp., Credit Suisse Holdings Inc., Deutsche Bank AG, First Horizon National Corp., General Electric Co., Goldman Sachs & Co., HSBC North America Holdings Inc., JPMorgan Chase & Co., Merrill Lynch & Co. and its unit First Franklin Financial Corp., Morgan Stanley, Nomura Holding America Inc., The Royal Bank of Scotland Group PLC, and Societe Generale.

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