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ECC Capital better known as Encore Credit is suing Bear Stearns. Bear Stearns bought Encore Credit in a deal that ended up costing ECC more money as the loans involved in the sale degraded in performance during the course of the transaction. From the OC Register:
ECC today said it has filed a lawsuit against EMC Mortgage, a unit of Bear Stearns, and seeks damages of more than $20 million. ECC is alleging Bear Stearns took too long buying the loans and they lost value. It also is seeking $5 million from Bear via arbitration, alleging the investment bank mismanaged the collection of mortgage payments from borrowers.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
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