UBS accused of pumping garbage loans into bundled Trusts

A unit of UBS has been accused by trustee US Bank in a New York court of knowingly selling thousands of bad home loans into securitised trusts, thereby costing investors $2bn; it is predicted that this trial, that began on Monday, could cost the Swiss bank more money than it has already had to pay for its participation in the pre-financial crisis mortgage bundling.

By Pete Brush (April 18, 2016, 7:48 PM EDT) -- A UBS unit knowingly sold thousands of bad home loans into securitized trusts, costing investors $2 billion, trustee U.S. Bank told a New York federal judge Monday at the outset of an unprecedented trial that could cost the Swiss giant more money than it's already shelled out for its participation in pre-financial crisis mortgage bundling....

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