Barclays was "willing to take it on the chin from [an investor] because we did the right thing for the firm by securitizing as many loans" as possible," Mr. Menefee allegedly said. Mr. Carroll allegedly responded "if we pull [the defaulted loans] out of the deal, we take on 100% of the risk; we've sold 97% of the risk in the deal. Just leave them in," the lawsuit claims. -- The case says the bank allowed bad loans to go into securities because they "needed to keep the originators happy, so that they could do business with them and so that they would continue to supply Barclays with mortgages to securitize." The bank and its executives "frequently bowed to originator pressure to limit the number of loans they kicked out during due diligence." Even when due diligence checks flagged loans as unworthy of securitization, bank executives would "waive in" many such loans to the pool, the lawsuit charges. Barclays and its employees, the government charged, "securitized in the subject deals more than 6,000 loans, worth over $1 billion, that they reviewed in credit/compliance due diligence and learned had material defects." Write to Devlin Barrett at firstname.lastname@example.org (END) Dow Jones Newswires 12-22-161837ET Copyright (c) 2016 Dow Jones & Company, Inc. Interactive Charts Default Setting Please note that once you make your selection, it will apply to all future visits to NASDAQ.com. If, at any time, you are interested in reverting to our default settings, please select Default Setting above. If you have any questions or encounter any issues in changing your default settings, please email email@example.com .
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