Case Details for "Various"

Investigation private-label mortgage-backed securities

Lawyers are investigating private-label mortgage-backed securities (MBS) issued and sold by several financial institutions to investors based on misrepresentations and omissions in the offering documents for the MBS.

When financial institutions offered and then sold private-label MBS to investors, they made numerous untrue, incomplete and inaccurate statements to the investors about the MBS and the credit quality of the mortgage loans that backed them. For example, the financial institutions represented that the mortgage originators who issued the mortgage loans backing the securities adhered to their stated underwriting guidelines and requirements when, in fact, they abandoned these guidelines and issued loans effectively without regard to the borrowers ability to pay.

Posted on:08/19/2010
Company: Various
Affected Class:
Scope: Nationwide

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