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Fund Sues Banks for $1.2 Billion Loss Tied to Subprime

By Implode-Explode Heavy Industries

``A hedge fund is taking aim at the world's biggest banks in an effort to recoup $1.2 billion it lost on subprime mortgages, entering a legal fight where so far Wall Street has largely been unscathed... The case cites a sizable number of so-called "confidential witnesses" quoted in the lawsuit, who said underwriting standards were abandoned in order to meet demands for mortgages from Wall Street.''

Full post as published by Mortgage Lender Implode-o-Meter on July 13, 2010 (boomark / email).