Monday, February 25, 2008

German Bank Blames UBS for Subprime Hit

By Carrick Mollenkamp
Word Count: 397 Companies Featured in This Article: UBS, Citigroup, Merrill Lynch

HSH Nordbank AG said Swiss bank UBS AG sold it $500 million in securities tied to U.S. subprime mortgages that have since soured, in the latest case of a midtier German lender to be singed by the slump in the U.S. mortgage market.

HSH, which specializes in shipping finance, joins a growing number of investors around the world, including municipalities in the U.S. and Australia, that fault the banks that packaged and sold the investments. HSH said yesterday in a ...

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