MassMutual Sues BofA, Others Over $500M MBS Deals

Law360, New York (September 1, 2011, 9:37 PM EDT) -- Massachusetts Mutual Life Insurance Co. hit a slew of banking giants with a lawsuit Thursday, claiming that Bank of America Corp. and others misrepresented the quality of more than $500 million in mortgage-backed securities MassMutual purchased.

Between January 2005 and June 2007, MassMutual bought certificates created through 24 securitizations sponsored by Countrywide Home Loans Inc., three sponsored by Merrill Lynch Mortgage Lending Inc. and one sponsored by BofA, which now owns Merrill Lynch and Countrywide, according to the complaint filed in Massachusetts federal court.

MassMutual alleges...
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