Merrill Lynch Sued by Trusts Over $1 Billion in Securities

Merrill Lynch Sued by Trusts Over $1 Billion in Securities

Simon Dawson/Bloomberg

Merrill bought more than 6,000 mortgages with an original principal balance of more than $1.1 billion from a third-party loan originator, ResMAE Mortgage Corp., in 2006 and turned them into tradeable securities that were sold to investors, according to the complaint filed today in New York State Supreme Court in Manhattan.