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Security Attorney Sacramento

Auction Rate Securities Losses

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Prudent and conservative investors believed they were purchasing "ultra safe" Auction Rate Securities only to recently find that they are now frozen by the major brokerage houses. Some brokerage houses (like UBS, Merrill Lynch, Morgan Stanley, Goldman, Citibank and others) failed to disclose the risk, the huge conflicts of interest and the fact that they were not following disclosure recommendations from the four big accounting firms, the Public Company Accounting Oversight Board and the SEC. In addition, in 2006 a number of brokerage houses settled an SEC charge regarding manipulative practices to the detriment of their clients.

Let us help you or your company to recover the amounts you have lost or will lose because of Auction Rate Securities. Please complete the form below or call us directly at 916-388-5100.

Subprime Losses

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Between 2000 and 2007, there was a dramatic increase in the number of "exotic" mortgage loans made to borrowers. These loans were structured in many ways including:

• option adjustable rate mortgage loans (loans which permit the borrower to pay less than is owed with the unpaid amount being added to the principal)
• interest only adjustable rate mortgage loans (loans which permit the borrower to pay on interest without any reduction of principal)
• "teaser" adjustable rate mortgage loans (loans with very low interest rates for the first several years which reset to higher interest rates)
• "piggyback" mortgage loans (loans which allow the borrower to finance most, if not all, of the purchase price of a home with no down payment)
• home equity loans (loans which tap the equity a borrower has in his home)

There was also a dramatic increase in Wall Street investment firms assisting in securitizing and selling mortgage related securities including both mortgage backed securities, collateralized debt obligations, structured investment vehicles and conduits. In 2006, Wall Street took in at least $27 billion in revenues selling and trading asset backed securities.

Let our Sacramento attorneys help you or your company to recover the amounts of your subprime losses. Please complete the form below or call us directly at 916-388-5100.