Credit Suisse Sues Thornburg Over Collateral Rights

Law360, New York (August 31, 2009, 3:18 PM EDT) -- Credit Suisse Securities LLC has sued bankrupt mortgage lender Thornburg Mortgage Inc. in an effort to force Thornburg to admit that Credit Suisse and several other financial institutions have liens on the proceeds from certain mortgage servicing rights under a series of repurchase and swap agreements.

In an adversary complaint filed Friday in the U.S. Bankruptcy Court for the District of Maryland, Credit Suisse claims that Thornburg refused to count cash proceeds from the MSRs as cash collateral for the benefit of Credit Suisse and other...
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