{"id":5846,"date":"2015-08-27T00:00:00","date_gmt":"2015-08-27T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/08\/fdic_sues_bank_of_ny_mellon_ci"},"modified":"2022-05-06T16:00:46","modified_gmt":"2022-05-06T21:00:46","slug":"fdic-sues-bank-of-ny-mellon-ci","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/fdic-sues-bank-of-ny-mellon-ci\/","title":{"rendered":"FDIC Sues Bank of NY Mellon, Citigroup, and US Bancorp for soured RMBSs Purchased by Guaranty Bank"},"content":{"rendered":"

The Federal Deposit Insurance Corp. is suing Bank of New York Mellon Corp. (BK), Citigroup (C)<\/a>, and US Bancorp (USB) for residential mortgage-backed securities that were purchased by the former Guaranty Bank.<\/p>\n

The Texas-based bank closed shop in 2009 and the FDIC, which is its receiver, arranged for its deposits to be taken on by BBVA Compass, a U.S. unit of Spanish institution Banco Bilbao Vizcaya Argentaria SA (BBVA.MC). The regulator estimated that the shutdown would cost its deposit insurance fund $3 billion.<\/p>\n

The 12 mortgage-backed trusts involved in this RMBS lawsuit were issued by Countrywide Home Loans and Bear Stearns Cos’ (BSC) EMC Mortgage Corp unit. In 2008, JPMorgan Chase & Co. (JPM.N)<\/a> purchased Bear Stearns while Bank of America Corp. (BAC)<\/a> purchased Countrywide.<\/p>\n

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

The Federal Deposit Insurance Corp. is suing Bank of New York Mellon Corp. (BK), Citigroup (C), and US Bancorp (USB) for residential mortgage-backed securities that were purchased by the former Guaranty Bank. The Texas-based bank closed shop in 2009 and the FDIC, which is its receiver, arranged for its deposits to be taken on by […]<\/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":[4020,3820,3752,3757],"tags":[],"class_list":["post-5846","post","type-post","status-publish","format-standard","hentry","category-bank-of-new-york-mellon-corp","category-citigroup","category-financial-firms","category-mortgagebacked-securities"],"yoast_head":"\nFDIC Sues Bank of NY Mellon, Citigroup, and US Bancorp for soured RMBSs Purchased by Guaranty Bank — Investor Lawyers Blog — August 27, 2015<\/title>\n<meta name=\"description\" content=\"The Federal Deposit Insurance Corp. is suing Bank of New York Mellon Corp. 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(BK), Citigroup (C), and US Bancorp (USB) for residential mortgage-backed — August 27, 2015\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FDIC Sues Bank of NY Mellon, Citigroup, and US Bancorp for soured RMBSs Purchased by Guaranty Bank — Investor Lawyers Blog — August 27, 2015","description":"The Federal Deposit Insurance Corp. is suing Bank of New York Mellon Corp. 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