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  • esuntexas esuntexas Mar 3, 2013 1:43 AM Flag

    Why no amount Revealed

    I was just thinking the main reason that the amount is not revealed to public may be due to pending lawsuits and settlement (i.e., BOA~Countrywide) with other banks. I do not believe the CS settlment is too large, maybe 50 mil at most; however, the amount if BOA settles, may be in the billions. And it looks like BOA will settle the case very soon due to NY AG's investigation. If the current Bankrupcy judge let the commons be wiped out right before a large lump sum settlement, don't you think the common holders will sue to recover, and the judge will lose face in process. Beside, I believe if State investigators and Fed courts are after heart of the judicial issue here, I don't believe the Bankrupcy court judge would want to lose his/her face or job.

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    • Default rates on second lien mortgages tend to be higher, in particular when the mortgages which they are written upon are in default. The principle amounts were some 170M.

    • Credit Suisse Reaches Mortgage Case Settlement with Ambac.. IVCPOST - Mar 2, 2013

      (Photo : Reuters) Credit Suisse Group AG has reached settlement of a lawsuit filed by bond insurer Ambac Financial Group over misrepresentations on mortgage-backed securities that the later insurance in 2007, according to a source close to the deal.

      In 2010, Ambac brought the lawsuit against Credit Suisse Securities along with affiliate DLJ Mortgage Capital for misleading the insurer on a pool of over 2,000 home equity credit lines with a principal balance of about 170 million dollars.

      Credit Suisse has been being investigated by the government over issues related to mortgage-backed securities. The U.S. Attorney's Office in New Jersey is investigating the bank over mortgage-backed securities that Credit Suisse packaged and sold, according to a report from Reuters.

      A case was also filed by New York Attorney General Eric

      Schneiderman against Credit Suisse as he accused the bank of misleading its investors who lost billions in mortgage-backed securities.

      Terms and conditions agreed under the settlement were not disclosed to the public.

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