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Loan Modification

: Mortgage Lender Implode-o-Meter

Citi sued by Norwegian central bank

By Implode-Explode Heavy Industries

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This is what a real adversarial suit against the subprime maven banks should look like; not like a $75M wrist-slap fine typical of the SEC:

The SEC fined Citi $75m for the subprime deception. Norges Bank is suing over $835m worth of losses on Citi shares and bonds incurred between January 2007 and 2009. (For those wondering ? in addition to overseeing monetary policy, Norges also looks after the international investments of Norways? humongous sovereign wealth fund).

But the 221-page complaint goes much further than just the super senior CDO/liquidity put kerfuffle. In fact, it reads like a laundry list of complaints against the US bank ? from ?unrealistic? CDO models, to Repo 105, GAAP and SEC violations, etc.

It also names Citi CEO Vikram Pandit and former CEO Chuck Prince, personally (along with some 20 other bank execs).

Full post as published by Mortgage Lender Implode-o-Meter on September 27, 2010 (boomark / email).

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