TCW Group hires law firm to seek MBS repurchases-source

NEW YORK, Oct 22 (BestGrowthStock) – TCW Group Inc., the manager of
$110 billion in assets headed by Tad Rivelle, has hired lawyers
to help it force banks to repurchase faulty mortgages, a source
familiar with the matter said on Friday.

TCW is the latest bond investor to join bondholders’
efforts to force banks to repurchase loans that were riskier
than stated guidelines as the housing boom matured.

Pimco, BlackRock Inc (BLK.N: ) and the Federal Reserve Bank
of New York this week sought to force Bank of America Corp
(BAC.N: ) to buy back some portion of mortgages packaged into $47
billion of bonds by its Countrywide Financial unit. The group
is represented by Kathy Patrick, lawyer at Gibbs & Bruns LLP.
[ID:nN20245573]

Peter Viles, a spokesman at TCW, declined to confirm
whether TCW has engaged in legal counsel. But in an email, he
said “TCW is exploring, in conjunction with other bondholders,
the possibility of pursuing the loan put back issue with
servicers and Trustees.”

“There is no basis to ask for any sum of monies as it has
yet to be established which loans — if any — would be
eligible for a put back,” he added.

Rivelle, named Morningstar’s fixed-income manager of the
year in 2005, is best known for his expertise in
mortgage-backed securities.

(Reporting by Jennifer Ablan; Editing by Jackie Frank)

TCW Group hires law firm to seek MBS repurchases-source