Pimco, others sue Citigroup over billions in mortgage debt losses


Pimco, others sue Citigroup over billions in mortgage debt losses

Pimco, others sue Citigroup over billions in mortgage debt losses


Pacific Investment Management Co and other investors have sued Citigroup Inc over the bank’s alleged failure to properly monitor toxic securities backed by more than $13.8 billion of mortgage loans, resulting in $2.3 billion of losses.

According to a complaint filed Tuesday night in a New York state court in Manhattan, Citigroup breached its duties as trustee for the 25 private-label trusts dating from 2004 to 2007 by ignoring “pervasive and systemic deficiencies” in how the underlying loans were underwritten or being serviced.

The investors said Citigroup looked askance at the loans’ “abysmal performance” out of fear it might “jeopardize its close business relationships” with loan servicers including Wells Fargo & Co and JPMorgan Chase & Co, or prompt them to retaliate over its own problem loans.

Read more at Reuters http://www.reuters.com/article/2015/11/25/us-citigroup-pimco-lawsuit-idUSKBN0TE2MC20151125#0ZRYzAJDKTxDW2J5.99


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One Response to “Pimco, others sue Citigroup over billions in mortgage debt losses”

  1. To Allianz and PIMCO:

    There exists no connections at all between “Mortgage-Backed Securities” (MBS)and their claimed underlying mortgages.

    That is the key material falsehood with which the U.S. banking criminals have been deceiving the public into believing as fact, in order to sell their worthless junk bonds which they named MBS, which were never backed with anything at all, ever.

    One of the signature crime devices behind the criminal scheme of inventing MBS junk-bonds is the use of a device called MERS which simplifies, and magnifies, the above MBS counterfeiting volume, while further confusing victims as to how they utilize MERS and as to how they operate the entire criminal scheme.

    But I believe that I know how they have operated, just as I had discovered in 2003 their well planned financial collapse of 2008 and reported it in my 2004 lawsuit, years before it began to avalanche the U.S. and global economies.

    If you want to know the hows, and they whys, of the ultimate facts behind America’s fraudulent MBS junk-bonds, contact me through:

    American lawyers, courts, expert witnesses, are either deceived by the falsehoods fed to them by the U.S. financial criminals (through their own lawyers), or are playing their own parts of The Act, as scripted and given to them to act.

    With my “exclusive” expert-witness testimony, PIMCO and any other legitimate investors could probably convince a jury to grant them judgments for actual damages. Furthermore, the same jury would probably be convinced to grant legitimate investors punitive and RICO-damages.

    Once again:
    There is no connection between MBS and their [falsely] claimed underlying mortgages.

    “Kareem Salessi 12-2-15”
    “Kareem Salessi 12-2-2015”


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