The National Credit Union Administration (NCUA), a government regulator, has filed a lawsuit against Morgan Stanley, Barclays, JPMorgan, Credit Suisse, Royal Bank of Scotland Group, and UBS for selling fraudulent mortgage-backed securities to credit unions. The sales of these securities amounted to $2.7 billion. Goldman Sachs, Wachovia, Wells Fargo, and Ally Securities also allegedly sold faulty securities according to one of the credit unions involved in the lawsuit.
|By: DSWright Tuesday September 24, 2013 8:35 am|
|By: masaccio Sunday August 4, 2013 10:45 am|
The conventional wisdom says that being in the middle class is about your aspirations, not your wealth or your economic class. The only people who benefit from that pipe dream are the feral rich and their politician servants.
|By: David Dayen Tuesday November 20, 2012 2:35 pm|
Continuing on the theme of prosecutions for fraud during the housing collapse, though in this case civil rather than criminal ones, New York Attorney General Eric Schneiderman just announced a new lawsuit against Credit Suisse for defrauding investors in its mortgage backed securities business. The case mirrors the previous suit filed by Schneiderman against JPMorgan Chase over Bear Stearns’ MBS business. Curiously, both of these banks engaged in settlements just this past weekwith the SEC over precisely the same conduct, settlements where they didn’t have to admit wrongdoing.
|By: David Dayen Saturday November 17, 2012 10:00 am|
In another in a long line of weak settlements where the perpetrators of fraud don’t have to technically say whether or not they’ve committed it, the Securities and Exchange Commission reached agreement with JPMorgan Chase and Credit Suisse on a collection of violations related to the handling of mortgage backed securities.
|By: David Dayen Wednesday February 1, 2012 9:30 am|
Four years ago, the bank Credit Suisse Group announced investigations of traders for misleading investors on the value of mortgage bonds. After four years, the US Attorney just got around to announcing indictments of the same people Credit Suisse handpicked as responsible. The announcement occurs just as the Administration wants to prove their bona fides on financial fraud, with their shiny new task force and everything.