Idaho MortgageCondominium mortgage
Earlier this month, we were reporting that a lawsuit was filed against us by Purdential Financial, Inc. and one of its affiliates, Purdential Retirement Insurance and Annuity Company, State Street & Trust Corp. and State Street Global Advisors, for alleged loss incurred by Purdential customers in two pension fund administered by State Street (see here). Lost assets related to the investment of these mutual fund in mortgage loans.
State Street is accused of "radically" altering its strategy for the two mutual fund investments without revealing these changes to either State Street or its client. Now, two states are reporting similar loss events, which are loss events supposedly incurred by their state pension schemes. As the Wall Street Journal has said, Alaska and Idaho prosecutors general are now considering filing their own lawsuits against State Street on their own governments on trust for pension funding.
It is said that these government retirement plans lose cash after having invested in bonds administered by State Street. Among other things, these deficits also affected bonds funds' holdings in mortgage-backed bonds and derivative instruments. Like in the supervisory lawsuit, the Alaska and Idaho prosecutors verify that the information given to their pensions fund on the policies for reinvesting the two pensions was correct.
Both Alaska and Idaho are not alone in their study of the mortgage sector or the Wall Street's part in the present economic downturn. Massachusetts Attorney General brought a suit against one of the nation's biggest sub-prime financiers, Fremont Investment and Loan (see here), as we told you early this month. Ohio's Attorney General has also allegedly launched his own industry-wide inquiry, which includes a survey of Wall Street's credit ratings during the mortgage turmoil.
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