Citi sued over bad paper

From Bloomberg: Citigroup was sued yesterday by Sealink Funding for damages tied to an investment in $513 million worth of residential mortgage-backed securities.

Sealink, in a suit filed in New York State Supreme Court in Manhattan, accused Citigroup of misrepresenting and omitting information on the underwriting standards used to issue loans pooled to create the securities.

Sealink is seeking more than the principal amount of the securities in damages…

http://www.nypost.com/p/news/business/citi_sued_over_bad_paper_GTsI9yvUBx9dueIHmccl7I