Read more: http://www.businessinsider.com/evelyn-echevarria-2011-9#ixzz1XDeEWPX9
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A woman named Evelyn Echevarria is being sued in three of the lawsuits.
The FHFA is suing the individuals who signed the shelf registration documents that registered the securities (which were ultimately sold to Fannie and Freddie) with the SEC.
The FHFA claims the shelf-registrations were materially false or had misleading statements or omissions.
Why Echevarria, who is currently a vice president of Charlotte, North Carolina-based advisory firm AMACAR Group, is sued more than any other defendant remains a mystery. We really don't know that much about her or her company, although it appears she worked as a consultant working independently for the banks.
Some of AMACAR's clients include Bank of America, Capital One Financial Corporation, Credit Suisse, Hartford Life, Nationwide Life Company, PNC Bank, Sidney Austin LLP, Societe General, Westdeutsche Landesbank.
A spokesperson for Echevarria said she declined to comment.
Deutsche Bank is being sued over $14.2 billion in losses on residential mortgage-backed securities that it sold to Fannie and Freddie between 2005 and 2007.
During that time, Echevarria served as a director for ACE Securities and as a vice president of its parent, Altamont.
During that time, Echevarria was a director of Credit Suisse First Boston Mortgage Securities. She signed five of the shelf-registrations.
Citigroup is being sued for $3.5 billion in RMBS and Echevarria is being sued for her role as a director of Citigroup Mortgage Loan Trust (Download PDF).
The lawsuit claims she failed to conduct due diligence when signing four shelf-registration statements between 2005 and 2006.
So in total, within 2 years, she worked for Credit Suisse, ACE Securities, Citigroup, and possibly AMACAR (the company refused to tell us when she started working there) and she registered 12 securities with the SEC using documents that the FHFA says were misleading.
Here's some more of what we know about Echevarria.
- Echevarria currently resides in Charlotte, North Carolina.
- She's a vice president of AMACAR Group and she also serves as a member of the board of directors.
- Previously, she worked for more than twenty years at General Electric.
- She's a graduate of the GE Financial Management Program.
- She graduated from Cornell with a bachelor of arts in government.
- In 2007 and 2008, she donated a total of $2,000 to Barack Obama's presidential campaign.
Know more about Evelyn? Email email@example.com
Read more: http://www.businessinsider.com/evelyn-echevarria-2011-9#ixzz1XDeM9r9R