In an effort to recoup more than $2 billion paid for certificates backed by faulty mortgages, Federal Home Loan Bank of Seattle, one of 12 Federal Home Loan Banks in the United States, has sued six banks, according to a recent article on Nypost.com.

Bank of America, the Countrywide unit of Bank of America, Barclays, Deutsche Bank, Morgan Stanley, and UBS are being sued by Federal Home Loan for allegedly making misleading statements about their asset-backed securities and the credit quality of the mortgage loans that backed these securities. Six complaints detailing these claims were filed in state courts in Seattle in December and were transferred to federal court starting January 22, 2010, the article said.

According to the complaints, Federal Home Loan claims the banks also made misleading or “untrue” statements about underwriting guidelines of mortgage-loan originators who were “failing frequently, and increasingly frequently, to follow quality-assurance practices intended to detect and prevent fraud.”

As purchases were made under these misleading statements, Federal Home Loan says it wants to recover at least a portion of the purchase price, plus interest, of certificates purchased since 2005, Nypost.com said.