Category Archives: Alt-A

Who’s Watching the Watchmen? RMBS Trustees Come Under Fire as Investors Launch Next Wave of Lawsuits

“When one door closes, another door opens; but we so often look so long and regretfully upon the closed door, that we do not see the ones which open for us.” ― Alexander Graham Bell The face of RMBS litigation … Continue reading

Posted in ACE, Alt-A, appeals, Bank of New York, Bank of New York Mellon, banks, Bernstein Litowitz, BlackRock, BofA, bondholders, Certificateholders, Citigroup, Commerce Bank, Countrywide, Credit Unions, DB Structured Products, Deutsche Bank, Doubleline Capital, Federal Home Loan Banks, fiduciary duties, global settlement, HSBC, Institutional Investors, investors, JPMorgan, Justice Kornreich, Kathy Patrick, lawsuits, liabilities, litigation, MBS, New York State Supreme Court, Paul Clement, PIMCO, pooling agreements, putbacks, repurchase, RMBS, SEC, servicers, settlements, statutes of limitations, subprime, TIA, Trustees, US Bank, Wall St., Wells Fargo | 7 Comments

The Bell Tolls for BofA

Memorial Day Weekend is always cause for some reflection, but as we draw closer to the May 30, 2013 merits hearing on Bank of America’s (BofA) proposed $8.5 billion settlement of Countrywide mortgage liabilities, this last one seemed particularly appropriate … Continue reading

Posted in Adam Levitin, AIG, allocation of loss, Alt-A, appeals, Attorneys General, bad faith, Bank of New York, banks, BofA, bondholder actions, conflicts of interest, contract rights, Countrywide, damages, Federal Home Loan Banks, Flagstar, global catastrophe defense, global settlement, incentives, Investor Syndicate, investors, irresponsible lending, Judge Barbara Kapnick, Judge Eileen Bransten, Judge Jed Rakoff, Judge Paul Crotty, Judge William Pauley, Judicial Opinions, Kathy Patrick, lawsuits, liabilities, litigation, loan files, loss causation, MBIA, MBS, monoline actions, O'Melveny & Myers, private label MBS, procedural hurdles, putbacks, rep and warranty, repurchase, RMBS, securitization, sellers and sponsors, sole remedy, standing, statistical sampling, successor liability, summary judgment, Trustees, vicarious liability | 3 Comments

Mortgage Lit Roundup: Five Signs That Plaintiffs Are Winning the RMBS War

A lot can happen in a few months.  I’ve largely taken a break from blogging over the last quarter, as the demands of becoming a new father and joining a new law firm (see “Legal Practice” link in the header) … Continue reading

Posted in Alison Frankel, allocation of loss, Ally Bank, Alt-A, Attorneys General, Bank of New York, bankruptcy, banks, Bear Stearns, bench trials, BofA, bondholder actions, borrower fraud, Citigroup, Clayton Holdings, conflicts of interest, contract rights, counterparty risk, Countrywide, damages, Deutsche Bank, due diligence firms, emc, FDIC, Flagstar, fraud, global catastrophe defense, Goldman Sachs, improper documentation, Insurance Department, investigations, investors, irresponsible lending, JPMorgan, Judge Barbara Kapnick, Judge Eileen Bransten, Judge Jed Rakoff, Judge Paul Crotty, Judge William Pauley, judicial momentum, Judicial Opinions, lawsuits, lenders, lending guidelines, liabilities, LIBOR manipulation, liquidity, litigation, loan files, loss causation, MBIA, MBS, media coverage, misrespresentation, monoline actions, monolines, mortgage fraud, mortgage insurers, NCUA, pooling agreements, private label MBS, probes, public perceptions, putbacks, quinn emanuel, re-underwriting, Regulators, rep and warranty, repurchase, reserve reporting, RMBS, SEC, securities, securities fraud, securities laws, securitization, sellers and sponsors, sole remedy, standing, stated income, statistical sampling, subpoenas, subprime, successor liability, summary judgment, Trustees, underwriting guidelines, underwriting practices, vicarious liability, Walnut Place, Wells Fargo | 2 Comments

Loan File Issue Brought to Forefront By FHFA Subpoena


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The battle being waged by bondholders over access to the loan files underlying their investments was brought into the national spotlight earlier this week, when the Federal Housing Finance Agency (FHFA), the regulator in charge of overseeing Fannie Mae and … Continue reading

Posted in Alt-A, Countrywide, Fannie Mae, FHFA, Freddie Mac, Investor Syndicate, irresponsible lending, loan files, MBIA, private label MBS, repurchase, reserve reporting, subpoenas, subprime, Wall St. | 1 Comment

Investors Cry Foul at BofA Settlement of Countrywide Suits. Why the Resistance?


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Not everyone is pleased with Bank of America’s record-setting $8.68 billion settlement of lawsuits against Countrywide by attorneys general across the country (see previous post here). Under the agreement, BofA, which acquired Countrywide in July of this year, agreed to … Continue reading

Posted in Alt-A, Attorneys General, Aurora Loan Servicing, banks, BofA, Countrywide, investors, lawsuits, Lehman Brothers, lenders, repurchase, underwriting practices | 1 Comment