Inside these posts: Mortgage-backed securities

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New mortgage-backed securities rules unveiled

U.S. bank regulators on Tuesday unveiled a proposal to overhaul the market for securities backed by mortgages and other assets, a piece of the financial system battered by the recession and financial crisis. Get the full story »

Treasury to start mortgage-backed securities sales

The U.S. Treasury Department will begin selling about $10 billion a month of mortgage-backed securities as the government winds down emergency programs set up during the financial crisis.

The announcement of a fresh supply of high-quality debt coming to market surprised traders, but they said later it should be manageable. The Treasury has a $142-billion portfolio of MBS, acquired in 2008 and 2009, and estimates it will take about a year to dispose if it. Get the full story »

Allstate sues JPMorgan over mortgage securities

Insurer Allstate Corp. sued JP Morgan Chase & Co. over more than $700 million in residential mortgage-backed securities — the latest to allege that a bank misled investors on the quality of mortgages underlying securities.

In the suit, filed Tuesday in state court in New York City, Allstate said JP Morgan and its entities sold Allstate a “toxic mix of loans given to borrowers that could not afford the properties” while telling Allstate it was buying a safe security. Get the full story »

Suit charges Countrywide with ‘massive fraud’

Countrywide Financial, a unit of Bank of America Inc., conducted a “massive fraud” over its mortgage-backed securities, according to a lawsuit brought by investors, including TIAA-CREF Life Insurance Co., New York Life Insurance Co. and Dexia Holdings Inc., Bloomberg News reported Tuesday on its Web site. Get the full story »

Allstate sues BofA, Countrywide over losses

Allstate Corp.  has sued Bank of America Corp.  and the Countrywide Financial mortgage unit it acquired in 2008 regarding $700 million in residential mortgage-backed securities the insurer purchased, claiming Countrywide misrepresented the investments, Bloomberg News reported Tuesday.

“Countrywide was singularly focused on increasing its market share, off-loading the risk onto Allstate and other institutional investors that purchased securities backed by pools of Countrywide’s mortgages,” Allstate said in its civil suit, filed Monday in U.S. District Court in Manhattan. Get the full story »