Securities and Exchange Commission (SEC) is discussing legal action against firms involved in the housing collapse.

A few weeks ago the Justice department reached a settlement with five leading banks that provided residential mortgages. The settlement was $25 billion in restitution for abusive practices that pushed millions of homeowners into foreclosure. The five banks who agreed to the settlement were Ally Fiancial (formerly GMAC), Bank of America, Citigroup, JPMorgan Chase and Wells Fargo. 


Now the Securities and Exchange Commission (SEC) is discussing legal action against firms involved in the housing collapse. 


The SEC was not a party to the Justice Department settlement. The investigation by the SEC; as well as, other federal agencies and state attorney generals is expected to bring some serious charges soon from their probing the practices that created the housing bubble.  


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