MBIA VS. CREDIT SUISSE Amended Complaint Notable Quotes: “shady as fck,” utter complete garbage,” “what does our loan conduit and the Titanic have in common?” “both sleep with the fish.”

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MBIA VS. CREDIT SUISSE Amended Complaint Notable Quotes

From the complaint…

2. As discovery in this case thus far demonstrates, in this final role, Credit Suisse wantonly violated the norms of legitimate business practice to induce MBIA to enter into the Insurance Agreement and issue the Policy. It knowingly made material misrepresentations to MBIA, and provided false warranties, to induce MBIA to issue the Policy. These false representations and warranties concerned, primarily, the attributes of the Loans and the manner in which Credit Suisse’s loan conduit operations originated, acquired, and reviewed them. Credit Suisse knew, but did not disclose to MBIA, that the collateral pool was replete with defective Loans, including hundreds of Loans that Credit Suisse already had attempted to return to the originators prior to the transaction with MBIA. Credit Suisse knew, but did not disclose to MBIA, that originators from which it was acquiring Loans were, for example, – in the words of Credit Suisse executives – “shady as fck,” [sic] would “try to get away with anything they c[ould],” and were selling to Credit Suisse “complete garbage. Utter complete garbage.” And Credit Suisse knew but did not disclose that its loan operations were a farce, internally mocked by its own executives. Indeed, in April 2007, just weeks before the Policy issued, a Credit Suisse managing director joked to the senior executive responsible for Credit Suisse’s mortgage loan conduit business, “what does our loan conduit and the Titanic have in common?” Five minutes later, the senior executive responded, “both sleep with the fish.” Other Credit Suisse executives discussed their knowledge that Credit Suisse’s practices encouraged loan sellers “to continue delivering us crap,” which loans were then acquired and securitized by Credit Suisse “no matter how shitty production is and no matter how bad performance is.”

Copy of the full complaint below…

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4closureFraud.org

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MBIA VS. CREDIT SUISSE

Comments
One Response to “MBIA VS. CREDIT SUISSE Amended Complaint Notable Quotes: “shady as fck,” utter complete garbage,” “what does our loan conduit and the Titanic have in common?” “both sleep with the fish.””
  1. neidermeyer says:

    Credit Suise would buy back non-compliant loans and simultaneously slip them back into another “securitization trust” being bought by the same people who were “returning” the non-compliant loans… nothing to see here , no fraud whatsoever.

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