Detroit Pension Fund Sues Fallen IndyMac for MBS Anomalies
May 26, 2009
A pension fund has sued IndyMac Federal Bank and several asset securitization trusts owning IndyMac loans, alleging failure by the bank to abide by its own underwriting guidelines – a conduct that eventually led to bankruptcy and large investor losses. The putative class action lawsuit was filed May 14 by the Police and Fire Retirement System of the City of Detroit in...