Bank of NY Mellon sued by U.S. regulator over $2 billion in soured mortgages

Categorized | STOP FORECLOSURE FRAUD

Bank of NY Mellon sued by U.S. regulator over $2 billion in soured mortgages

Bank of NY Mellon sued by U.S. regulator over $2 billion in soured mortgages

Reuters-

A U.S. regulator sued Bank of New York Mellon Corp (BK.N) on Wednesday over $2.06 billion in residential mortgage-backed securities purchased by a failed Texas bank, and accused it of breaching its duties as bond trustee to protect investors.

In a complaint filed in Manhattan federal court, the Federal Deposit Insurance Corp, which sued in its capacity as receiver for the former Guaranty Bank, said it suffered more than $440 million in losses when it sold the securities in March 2010.

The FDIC filed a similar lawsuit against US Bancorp (USB.N), another major bond trustee, over more than $248 million of mortgage debt bought by Guaranty, and resulting in “significant” losses when those securities were sold.

[REUTERS]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Comments

comments

This post was written by:

- who has written 8609 posts on FORECLOSURE FRAUD | by DinSFLA.

CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

Contact the author

One Response to “Bank of NY Mellon sued by U.S. regulator over $2 billion in soured mortgages”

  1. JUDI says:

    yes everyone should go after bank of new York /melon that aid and abet bank of America to commit fraud against homeowners and still due today. folks bony and other servicers are foreclosing against homeowners on loans they claim owned by bank of new
    new York/Mellon when in fact they are not , bank of new York/melon does not own any mortgage loans as securitization trustee but judges all over America are buying this lies. good example in NJ the ignorant judge Gerald c escala always rule for bank trustees when they don’t not own the homeowner loan ,the judge is naïve and stupid and have zero understanding how MBS works ,if he knew he, would never rule against homeowners and cause them to lose their homes.

Trackbacks/Pingbacks


Leave a Reply

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com
Kenneth Eric Trent, www.ForeclosureDestroyer.com

Archives