New York sues Credit Suisse in latest mortgage lawsuit
Excerpt:The suit marks the latest effort by government officials to hold Wall Street firms accountable in connection with the financial crisis. Schneiderman co-chairs a task force announced earlier this year by President Obama to address the issue, with a specific focus on mortgage-backed-securities. These securities, which derive their cash flows from pools of mortgages, were a central part of the crisis, prompting huge losses for banks and investors when the housing market went bust. Schneiderman alleges that in 2006 and 2007, Credit Suisse sponsored mortgage-backed-securities worth $93. 8 billion that, as of August, had suffered $11. 2 billion in losses. The lawsuit seeks damages to recoup these losses, as well as additional relief, meaning Credit Suisse (CS) could be on the hook for a massive penalty compared with most crisis-related cases.
People:
Schneiderman
Overall Sentiment: -0.0184453
Relevance: 0.772191
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| -0.180113 | Schneiderman alleges, the bank "systematically failed to adequately evaluate the loans, ignored defects that its limited review did uncover, and kept its investors in the dark about the inadequacy of its review procedures and defects in the loans." |
| -0.0770654 | "It's not about one deal or five deals or ten deals," Schneiderman said ... |
| 0.123821 | "It's not about one deal or five deals or ten deals," Schneiderman said in a conference call with reporters Tuesday. "It's about their entire course of conduct in the residential mortgage-backed-securities business." |
| 0 | Schneiderman said Tuesday that there was "still an opening" ... |
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President Obama
Overall Sentiment: -0.085172
Relevance: 0.334568
Victoria Harmon
Overall Sentiment: -0.503632
Relevance: 0.214498
| Sentiment | Quote |
|---|---|
| -0.22256 | "We firmly reject this complaint which recycles baseless claims from private lawsuits and uses an inaccurate and exaggerated number," spokeswoman Victoria Harmon said ... |
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Additional Info:
Company: Credit Suisse
Overall Sentiment: 0.0878978
Relevance: 0.955116
Company: JPMorgan
Overall Sentiment: 0.0702442
Relevance: 0.301942
Disambiguation: References:
Organization: Securities and Exchange Commission
Overall Sentiment: -0.203425
Relevance: 0.355088
Disambiguation: GovernmentAgency | GovernmentalBodyReferences:
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New York Attorney General Eric Schneiderman filed a lawsuit Tuesday against Credit Suisse, alleging that the bank repeatedly defrauded investors in sales of mortgage-backed-securities.
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New York sues Credit Suisse in latest mortgage lawsuit
Site Provided Keywords:
- Attorney General
- credit suisse
- eric schneiderman
- financial crisis
- fraud
- housing crisis
- lawsuit
- mortgage backed securities
- New York
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