FINRA fines banks for misrepresenting RMBS delinquency data

05/26/2011 | Bloomberg

The Financial Industry Regulatory Authority fined Bank of America's Merrill Lynch division and Credit Suisse Group for misrepresenting data when they issued certain residential mortgage-backed securities. "Firms must provide accurate information about the products they offer," said Brad Bennett, enforcement chief at FINRA. "Credit Suisse and Merrill Lynch failed to monitor and supervise the reporting of historical delinquency rates, depriving investors of information essential to assessing the profitability of mortgage-backed investments."

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