RMBS Working Group Files Suit against Credit Suisse

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Posted To: MND NewsWire

At a press conference Tuesday afternoon New York State Attorney General Eric T. Schneiderman announced he had filed a second complaint against a financial institution since the creation of the federal Residential Mortgage-Backed Securities Working Group . The complaint was filed against Credit Suisse Securities (USA) LLC and its affiliates for making fraudulent misrepresentations and omissions to promote the sale of residential mortgage­-backed securities (RMBS) to investors. According to the complaint, Credit Suisse led its investors to believe that the quality of the loans in its mortgage-backed securities had been carefully evaluated and would be continuously monitored. In fact, as in the case of other RMBS market participants, Credit Suisse did neither. Instead, it systematically failed...(read more)

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Source: www.mortgagenewsdaily.com

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