BlackRock, Pimco sue over billions in mortgage securities losses

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BlackRock, Pimco sue over billions in mortgage securities losses

BlackRock, Pimco sue over billions in mortgage securities losses

What about the homeowners? Pay very close attention to this suit…chances are you have or had a Frankenstein loan on your house.


Reuters-

Institutional investors including BlackRock Inc and Allianz SE’s Pimco on Wednesday sued six of the largest bond trustees, accusing them of failing to properly oversee more than $2 trillion in mortgage-backed securities issued in the run-up to the 2008 financial crisis.

The lawsuits, filed in New York state court, claim the trustees breached their duties to investors by failing to force lenders and sponsors of the securities to repurchase defective loans, the suits claim.

The investors are seeking damages for losses that exceed $250 billion and relate to over 2,200 residential mortgage-backed securities trusts issued between 2004 and 2008, according to a person familiar with the cases.

[REUTERS]

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