As others have said, you'll need a legal opinion as to whether this could be successful or not. Proving a bank, who never occupied the home had knowledge and failed to disclose would be at the crux. The other option would be the listing agent who, if the leak happened during the time it was listed, would be obligated to disclose a material fact affecting the value and condition of the home.
One other thought I would suggest for future buyers of bank owned homes, consider trying to contact the previous owner and neighbors. They may or may not be helpful, but if they were it could have avoided this problem.
Anyone can sue anybody for anything. So, sure, you can sue. The question is whether you're likely to prevail.
As Michael says, it was likely sold in "as is" condition. Further, if you claim nondisclosure, can you show that the seller (the bank) was aware of the issues and, thus, was even in a position to disclose? For instance, perhaps the listing agent was the one who removed the carpeting and scattered the powder around the drain. In fact, it probably was. Did the bank know? However, that does open up the possibility that the agent had some responsibility in the matter.
Again, contact a lawyer.
Hope that helps.
Had you purchased the home from an owner who had lived in the property, you might have a case. But it's very unlikely you would be successful in court if you were to sue the bank.