Credit Suisse Unit Faces Contract Suit Over $1B Loan Pool

Law360, New York (February 4, 2013, 11:01 PM EST) -- A Credit Suisse AG unit was targeted Friday for allegedly evading its obligation to repurchase bad loans in a pool of more than 5,000 home mortgage loans with a balance of some $1 billion dollars that it had sold to a trust in 2007 before the mortgage market unraveled.

In a complaint filed in New York state court, the U.S. National Bank Association, acting as trustee for a home equity asset trust, accuses Credit Suisse unit DLJ Mortgage Capital Inc. of over-representing the underwriting standards behind...
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