WILMINGTON (Delaware) (Reuters) - Credit Switzerland has been assigned by the U.S. Securities and Exchange Commission this week for documents relating to securitized real estate loans, according to court documents filed Thursday by a bond insurer suing Credit Switzerland.
Bond, MBIA Inc., the insurer said in a court filing that "Credit Switzerland is now the subject of an investigation by the Securities and Exchange Commission, which issued a subpoena this week seeking the same types of documents such as MBIA seeks".
MBIA included the information in a motion seeking to force the Credit Switzerland to submit documents related to the loans it securitized in links that were provided by MBIA.
A spokesman for Credit Switzerland did not comment directly on the assignment, but said that "MBIA was entitled to its contract with Credit Switzerland provides, not".
MBIA Kevin Brown spokesman said counsel for his company, Patterson Belknap Webb & Tyler LLP, was also served a subpoena by the sec.
The SEC does not immediately return a call for comments.
MBIA continuing Credit Switzerland and several other Wall Street banks fraudulently induced to ensure links return of real estate loans that are not complying with the directives of the State.
These links have been sold with a credit ratings high range, but in many cases that have strained faster than the United States the real estate market collapsed.
Documents filed Thursday provided a trove of exchanges of electronic mail on the loans, including some failure soon after that they were made.
It includes a discussion of the question of whether it is logical for "stripper" to obtain $ 142,000 annually in cash, but do not have a bank account. Another involves a loan from home of $ 1 million for a property listed in the $695,000 on which there was never a mortgage payment.
The email Exchange ends with the comment on "someone must go to prison on this subject."
(Reporting by Tom Hals.) (Editing by Robert MacMillan, Bernard Orr)
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