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Fannie Mae sues 9 giant banks over Libor losses

Fannie Mae's headquarters in the nation's capital are seen November 9, 2011 in WashingtonFannie Mae Thursday sued nine giant banks plus the British Bankers Association over some $800 million in losses due to alleged rate-rigging manipulation in the latest fallout from the Libor scandal. The government-controlled mortgage finance giant said it lost the money on trades tied to Libor, the widely-used benchmark interest rate that affects the pricing of some $300 trillion in contracts globally.