The circular nature of lawsuits filed in recent could leave many scratching their heads in the search for accountability, according to  James Frischling, president and co-founder of NewOak Capital.

"Lawsuits continue to be filed in connection with the financial crisis," Frischling said. "The regulators just filed lawsuits against the former CEOs at both Fannie Mae and Freddie Mac. The GSEs have filed lawsuits against many of the banks that sold the agencies mortgage products."

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