Erik Gerding at the Conglomerate notes that the most interesting thing about the various federal and state lawsuits that have been recently brought against the banks in connection with their mortgage businesses is not how similar they are. It's how different they are.
The suits against 17 banks brought by the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, is based on a mix of federal and state securities law claims. The suit against JPMorgan Chase by the New York Attorney General is mostly a Martin Act suit. The U.S. Attorney's suits against Wells Fargo and Bank of America are False Claims Act and Financial Institutions Reform, Recovery, and Enforcement Act-based.