{"id":1361,"date":"2013-12-20T10:50:51","date_gmt":"2013-12-20T10:50:51","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/12\/new_jersey_files_mortgage_secu"},"modified":"2022-03-11T08:54:58","modified_gmt":"2022-03-11T14:54:58","slug":"new-jersey-files-mortgage-secu","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/new-jersey-files-mortgage-secu\/","title":{"rendered":"New Jersey Files Securities Lawsuit Against Credit Suisse Over $10B in MBS Sales"},"content":{"rendered":"

\t\t\t\tThe New Jersey Attorney General John Hoffman is suing a Credit Suisse Group AG (CS) for securities fraud. The state’s regulator contends that the bank misrepresented the risks on over $10B in home loan-backed securities.<\/p>\n

According to the mortgage-backed securities lawsuit<\/a>, Credit Suisse is accused of failing to disclose that loan originators it employed had records of delinquencies and defaults and that some had even been suspended from working with the bank. The state’s attorney general claims that even though Credit Suisse’s traders were unwilling to hold the securities on the books of the bank, the latter was selling them to customers. Also, alleges the complaint, the despite receiving tens of millions of dollars in reimbursement from loan originators for the faulty loans, Credit Suisse did not give the money to the trusts that owned the loans. <\/p>\n

A representative for Credit Suisse says the mortgage securities case is meritless. The bank is facing a similar lawsuit filed against it by New York’s attorney general. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The New Jersey Attorney General John Hoffman is suing a Credit Suisse Group AG (CS) for securities fraud. The state’s regulator contends that the bank misrepresented the risks on over $10B in home loan-backed securities. According to the mortgage-backed securities lawsuit, Credit Suisse is accused of failing to disclose that loan originators it employed had […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3817,3752,3753],"tags":[],"class_list":["post-1361","post","type-post","status-publish","format-standard","hentry","category-credit-suisse","category-financial-firms","category-mortgage-backed-securities"],"yoast_head":"\nNew Jersey Files Securities Lawsuit Against Credit Suisse Over $10B in MBS Sales — Investor Lawyers Blog — December 20, 2013<\/title>\n<meta name=\"description\" content=\"The New Jersey Attorney General John Hoffman is suing a Credit Suisse Group AG (CS) for securities fraud. 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