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-Deutsche Bank unit sued for alleged violations over mortgage-backed securities.

Global Banking News-March 29, 2013--Deutsche Bank unit sued for alleged violations over mortgage-backed securities(C)2013 ENPublishing -

Global Banking News - 29 March 2013

DB Structured Products Inc, a unit of Deutsche Bank AG (NYSE: DBK), has been sued for selling defective loans to a securitisation trust.

HSBC Bank USA NA (LSE: HSBA), which is acting as the trustee, has asked that DB Structured Products be instructed to pay unspecified money damages or buy back the faulty loans. The loans had acted as collateral for certificates issued by the trust.

The trust said that at least 1,302 of more than 4,000 loans securitised and sold to the trust, breached the bank unit's guarantees.

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Publication:Global Banking News (GBN)
Date:Mar 29, 2013
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