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Credit Suisse Group AG Settles Mortgage Case With Ambac Financial Group Inc-Reuters


Friday, 1 Mar 2013 07:13pm EST 

Reuters reported that Credit Suisse Group AG has settled a lawsuit brought by Ambac Financial Group Inc over misrepresentations on mortgage-backed securities that Ambac insured in 2007. The terms of the settlement were not made public. Ambac's lawsuit claimed Credit Suisse Securities, along with its affiliate DLJ Mortgage Capital, misled the insurer about a pool of over 2,000 home equity lines of credit with a principal balance of about $170 million. Ambac said the defendants did not disclose that many borrowers had little or no ability to repay. Ambac's lawsuit claimed Credit Suisse Securities, along with its affiliate DLJ Mortgage Capital, misled the insurer about a pool of over 2,000 home equity lines of credit with a principal balance of about $170 million. Ambac said the defendants did not disclose that many borrowers had little or no ability to repay. 

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