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  • http://Anonymousnoreply@blogger.com Anonymous

    >does the securitzation trustee have duty of loyalty to the beneficiaries? if so, who are the bens?

  • http://www.blogger.com/profile/07385579737733808823 CreditSources.org

    >Nice, well written and informative post.Thanks for sharing!Secured Personal Loans

  • http://www.blogger.com/profile/03323791386736817421 Jeff

    >Hello Isaac,Do you have an opinion on how the FHLB cases are going? I'm not an attorney so following what is reported on Pacer is confusing as can be but I can't even find an answer to the initial complaint. It looks like the plaintiff is trying to move the case to a different court and the defendants are fighting it so it hasn't even started yet.Thanks again for your blog. There is nothing else like it out there!

  • http://www.blogger.com/profile/11501168638041947453 Isaac Gradman

    >Jeff,Thanks for your comments. The FHLB cases for Seattle and San Francisco have both been removed to federal court by the defendants, who are trying to argue that the federal courts have jurisdiction over the plaintiffs' claims. The way this works is that the cases are automatically moved to federal court upon the filing of a procedurally proper notice by a defendant. The plaintiff(s) may then file what's called a Motion to Remand, arguing that the federal courts do not have jurisdiction over the claims and that the case should be remanded to state court. That is where we are right now, at least with respect to the Federal Home Loan Bank of San Francisco (I haven't been able to locate the federal case number for the Seattle case, but I know that the state case has been put on hold due to removal). The FHLB of SF case is before Judge Conti in the Northern District of California. The judge has taken the Plaintiff's Motion for Remand under submission, and all other dates have been postponed pending that decision.Keep an eye out for an update and analysis on the FHLB of Pittsburgh case (the earliest filed of the five) on the Subprime Shakeout later today.

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  • http://www.1stfinanceguide.com/federal-home-loan-bank-of-san-francisco-allocates-12-million-to-first-time-homebuyer-programs/ Federal Home Loan Bank of San Francisco Allocates $12 Million to First-Time Homebuyer Programs

    [...] the Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgage loans to people of all income levels and provide credit that supports neighborhoods and communities. the Bank also funds community investment programs that help members create affordable housing and promote community economic development. the Bank’s members—its shareholders and customers—are headquartered in Arizona, California, and Nevada. Members may include federally insured depositories—commercial banks, credit unions, industrial loan companies, and savings institutions—as well as insurance companies and community development financial institutions, including privately insured, state-chartered credit unions. Mouse here for Related ContentFederal Home Loan Bank of San Francisco Sues Over RMBS Losses As Investor Actions Build Steam [...]

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