2012-08-13housingwire.com

The banks that sold the $388 million in allegedly problematic mortgage-backed securities to Colonial include:

JPMorgan Chase; Citigroup; Wells Fargo; Merrill Lynch; Deutsche Bank; Credit Suisse; UBS; HSBC; FTN Financial; Royal Bank of Scotland; Ally Financial; and First Horizon.

"When they issued or underwrote these certificates, the defendants made numerous statements of material fact about the certificates and, in particular, about the credit quality of the mortgage loans that backed them," the FDIC said in its suit filed in the U.S. District Court for the Southern District of New York. "Many of those statements were untrue."


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