The Federal Home Loan Bank of San Francisco has filed lawsuits in California Superior Court in San Francisco accusing several major financial institutions of using untrue or misleading statements to sell $19.1 billion in residential mortgage-backed securities that were riskier than described (Federal Home Loan Bank of San Francisco v. Deutsche Bank SecuritiesFederal Home Loan Bank of San Francisco v. Credit Suisse Securities).
The FHLB of San Francisco, a federally chartered bank that provides low-cost loans to local financial institutions, alleges that securities dealers and several of their related companies “omitted” or failed to state “many material ...
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