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Real Estate & Property Law

: The Home Equity Theft Reporter

Bogus Representations About Mortgage-Backed Securities Leads To $296M Hit, Says MBIA In Suit; Claims 50%+ Of Insured Portfolio Face Value Charged Off

By r morris

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In New York City, Bloomberg reports:A Credit Suisse Group AG unit was accused in a lawsuit by MBIA Insurance Corp. of making fraudulent misrepresentations about mortgage-backed securities, causing the insurer to pay more than $296 million in claims. The complaint against Credit Suisse Securities (USA) LLC, filed [last week] in New York State Supreme Court in Manhattan, also names as defendants

Full post as published by The Home Equity Theft Reporter on December 21, 2009 (boomark / email).

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