Government-sponsored enterprise Freddie Mac is taking more than a dozen banks to court for allegedly manipulating the London interbank offered rate, Bloomberg news reported.

LIBOR helps determine the cost of borrowing, impacting consumers nationwide, especially in the mortgage finance space. The Wall Street Journal also reports that Freddie Mac is targetting the British Bankers Association in its suit as well, saying it the move puts the private association "for the first time" in the "cross hairs" of a LIBOR lawsuit.

The suggestion of possible rate manipulation prompted Freddie Mac to take aim in court at Bank of America (BAC), UBS (UBS), JPMorgan Chase (JPM) and at least a dozen other financial firms, the publication said.