Now that the Federal Housing Finance Agency (FHFA) has sued the pants off of 17 issuers of nonprime MBS, the big question boils down to this: How much will the agency actually collect?

The actual answer may not be known for years but the agency — which declined to discuss its legal strategy with this columnist — is following the paper trail created when a mortgage bond is created. In short, it is going after executives who signed the actual shelf registration forms on bonds purchased by Fannie Mae and Freddie Mac.

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