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Greco & Greco’s lawyers represent investors to recover losses caused by securities fraud, churning, lack of suitability, negligence, sales of unregistered securities, unauthorized trading, and other misconduct by stock brokers, investment advisors, financial planners and their firms.

Brookstreet

CMOs and Mortgage Backed Securities

CMOs, or collateralized mortgage obligations, are bundles of mortgages which are then divided up for sale by investment banks.  Different types of these mortgage backed securities can vary widely in risk for investors, but recent problems with the subprime mortgage lending market could portend future problems for individual investors who have been sold these types of securities without their brokers fully explaining the risks involved.  As set out in the following linked news stories, customers of Brookstreet Securities and Wedbush Morgan Securities have filed arbitration claims against their brokerage firms related to the sale of CMOs and other mortgage securities.
Wall Street Journal article
Orange County Register Article

Posted by Greco & Greco on 07/20 at 02:21 PM
Brokerage FirmsBrookstreetCMOsSuitabilityPermalink

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