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Allstate settles mortgage lawsuit against Morgan Stanley

  

ivinglies.wordpress.com | February 5, 2015

(Bloomberg) — Allstate Insurance Co. agreed to settle a 2011 lawsuit accusing Morgan Stanley of fraud over more than $100 million worth of mortgage-backed securities in which the insurer invested.

The largest publicly traded U.S. home and auto insurer sued Morgan Stanley and other lenders in 2011, alleging they sold packages of risky home loans while claiming they conformed with “conservative” underwriting standards.

Northbrook, Illinois-based Allstate and New York-based Morgan Stanley have agreed to discontinue the suit, according to a Feb. 2 court filing in New York State Supreme Court.

“The lawsuit has been settled on mutually agreeable terms,” Allstate spokeswoman Maryellen Thielen said in an e-mail.

Pools of home loans securitized into bonds were a central part of the housing bubble that helped send the U.S. into the biggest recession since the 1930s. The housing market collapsed, and the crisis swept up lenders and investment banks as the market for the securities evaporated.

Mark Lake, a spokesman for Morgan Stanley, declined to comment on the accord.

Other lenders sued by Allstate included Bank of America Corp.'s Merrill Lynch, Citigroup Inc., Deutsche Bank AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. Allstate settled with Citigroup in May 2013, dropped the cases against Deutsche Bank, Goldman Sachs and JPMorgan that same year, and resolved its claims against Bank of America in April 2014.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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