FHLB Seeks $19B ARS Refund From BofA, Others

By Richard Vanderford

Law360, New York (March 17, 2010, 6:44 PM ET) -- The Federal Home Loan Bank of San Francisco has sued several securities dealers — including units of Bank of America Corp., Credit Suisse Group AG and Deutsche Bank AG — in a bid to have $19.1 billion of residential mortgage-backed securities refunded.

The dealers defrauded the bank with faulty reports on the mortgages backing the securities, FHLB alleged in two suits filed Monday in the San Francisco County Superior Court.

FHLB wants to rescind its purchases of 134 securities certificates that represent thousands of pooled loans,...
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