HSH Nordbank Sues Barclays Over 'Empty' MBS
April 3, 2012
Joel H. Bernstein commented on filing the first mortgage back securities suit alleging securities were mere 'empty shells'
"This is a security that's supposed to have mortgages in it, and it didn't. It had nothing," Joel H. Bernstein of Labaton Sucharow LLP, who represents HSH Nordbank, told Law360 on Tuesday.
"The whole thing was a lie from day one," Bernstein said, adding that he hadn't seen any other mortgage-backed securities suits that made similar allegations arising from so-called "robo-signing."