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FBN's Robert Gray on details of the New York Attorney General suing Credit Suisse over $11.2B in mortgage fraud.
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I we have some breaking news New York's attorney general suing Credit Suisse over alleged fraudulent sale of mortgage securities.
-- -- is in the newsroom with details on -- -- Robert.
Hey Tracy that's right -- setter and saying he's going after Credit Suisse using under the Martin act here.
Of it is alleged fraudulent sale of mortgage securities residential mortgage backed securities.
These are prior to the crisis in fact are going back.
To -- -- for 2000 ladies or a 20062007.
Vintage they've had about eleven point two billion dollars in losses thus far.
He says he has seeking investor damages to recoup those losses.
So again looking to -- some eleven point two billion dollars in losses goes on to say.
Here that he the Credit Suisse to due diligence was compromised by its ties to the loan originators.
-- this will be interesting to follow again we're going back pre crisis 0607.
Vintage.
Residential mortgage backed securities.
That -- sponsored an underwritten by Credit Suisse again in 06 no seven about eleven point two billion dollars in losses seeking under the Martin act to suit.
For to recoup some investor damages there back to you.
Have a great thank you very much.
Here's -- like a ton of news today.
