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Loan Modification

: Mortgage Lender Implode-o-Meter

Federal Home Loan Bank Starts Suing Over MBS - $19.1B

By Implode-Explode Heavy Industries

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`` Today the Federal Home Loan Bank of San Francisco (Bank) filed complaints in the Superior Court of California, County of San Francisco, against nine securities dealers in relation to certain of the Bank?s investments in private-label residential mortgage-backed securities (PLRMBS). The Bank is seeking to rescind its purchases of 134 securities in 113 securitization trusts, for which the Bank originally paid more than $19.1 billion. The Bank?s complaints allege that the dealers made untrue or misleading statements about the characteristics of the mortgage loans underlying the securities.''

Full post as published by Mortgage Lender Implode-o-Meter on March 18, 2010 (boomark / email).

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