Category Archives: Greenwich Financial Services

New York Judge Strikes Blow to Investor Putback Claims

Update: it appears that Walnut Place has already filed an appeal of the dismissal of its lawsuit against BofA and Countrywide – IMG. Investors in Countrywide mortgage backed securities (MBS) were dealt a setback last Wednesday in their efforts to … Continue reading

Posted in Alison Frankel, appeals, Bank of New York, banks, BofA, bondholder actions, conflicts of interest, contract rights, Countrywide, derivative lawsuits, Event of Default, global settlement, Greenwich Financial Services, hedge funds, incentives, investors, irresponsible lending, Judge Barbara Kapnick, Judicial Opinions, lawsuits, lending guidelines, litigation, MBS, motions to dismiss, pooling agreements, private label MBS, procedural hurdles, putbacks, rep and warranty, repurchase, research, RMBS, securitization, settlements, standing, Trustees, underwriting guidelines, underwriting practices, Walnut Place | 5 Comments

Is Foreclosure Settlement Déjà Vu All Over Again?

Today, the Attorneys General of 49 states (with Oklahoma being the lone holdout) announced a record $26 billion settlement with the nation’s five largest servicers over false and fraudulent foreclosure practices like robosigning.  That big number looks great on paper, … Continue reading

Posted in allocation of loss, Attorneys General, bailout, banks, BofA, consitutionality, contract rights, costs of the crisis, Countrywide, education, foreclosure crisis, global settlement, Government bailout, Greenwich Financial Services, Helping Families Save Homes, homeowner relief, improper documentation, incentives, investigations, investors, irresponsible lending, junior liens, lenders, liabilities, loan modifications, lobbying, MBS, media coverage, moral hazard, mortgage market, predatory lending, press, private label MBS, probes, public perceptions, Regulators, RMBS, robo-signers, securitization, Servicer Safe Harbor, servicers, settlements, sophistication, subprime, Takings Clause, The Subprime Shakeout, Way Too Big to Fail, William Frey, workouts | 13 Comments

WTBTF Book Tour Day 2: Meeting, Marketing and Mentoring in Manhattan

I woke Tuesday morning, Nov. 8 on the second day of the Way Too Big to Fail book tour to the news that Kathy Patrick, legal architect of Bank of America’s Hail Mary Countrywide settlement (background here and here), had … Continue reading

Posted in BlackRock, Bloomberg, BofA, book tour, Countrywide, foreclosure rate, Fox News, Greenwich Financial Services, investors, Kathy Patrick, litigation, loan modifications, loss causation, MBIA, MBS, media coverage, Morgan Stanley, mortgage market, MSNBC, PIMCO, Presentations, Regulators, The Subprime Shakeout, Uncategorized, Way Too Big to Fail, William Frey | Leave a comment

BREAKING NEWS: Judge Determines BofA $8.5 bn Settlement Belongs in Federal Court


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Though Bank of America (BofA) has taken its share of lumps over the past six months, this may be the one that leaves the biggest mark.  In an opinion issued today in the Southern District of New York (available here … Continue reading

Posted in Bank of New York, banks, BofA, bondholder actions, class actions, conflicts of interest, contract rights, Countrywide, damages, fiduciary duties, global settlement, Grais and Ellsworth, Greenwich Financial Services, investors, lawsuits, litigation, loss estimates, MBS, pooling agreements, private label MBS, putbacks, remand, removability, repurchase, RMBS, securities, securities laws, securitization, settlements, The Subprime Shakeout, Trustees, Uncategorized, William Frey | 4 Comments

New York Judge Tosses Greenwich Suit Against Countrywide Over Loan Modifications For Failure To Follow PSA Procedure


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In a ruling dated October 7, 2010, New York County Supreme Court Judge Barbara R. Kapnick tossed out Greenwich Financial’s lawsuit against Countrywide.  The suit sought a declaratory judgment that Countrywide had to repurchase any loans that it modified pursuant … Continue reading

Posted in Bank of New York, BofA, bondholder actions, Countrywide, Greenwich Financial Services, loan modifications, motions to dismiss, procedural hurdles, settlements, William Frey | 6 Comments