Category Archives: banks

Pfaelzer Dismissal of Bank of America from Countrywide Suit Throws Investors for a Loop

Posted on April 27, 2011 by igradman

Is Bank of America on the hook for Countrywide’s liabilities for defective loans?  Depends on which judge you ask. With the recent decision by Judge Mariana Pfaelzer to dismiss BofA as a defendant in the case of Maine State Retirement … Continue reading →

Posted in acquisitions, allocation of loss, appeals, balance sheets, banks, BofA, Countrywide, investors, jurisdiction, lawsuits, lenders, liabilities, liquidity, litigation, MBIA, merger, monoline actions, motions to dismiss, private label MBS, responsibility, securities fraud, subprime, successor liability, vicarious liability | Tagged , , , , , | 6 Comments

Bondholders Considering Plan to Tell Servicers: "You’re Fired!"

Posted on January 6, 2010 by Isaac Gradman

With lawsuits against servicers grinding a slow path through the court system, investors are looking to make an end-run around the intransigent banks who are refusing to service mortgages in accordance with bondholder wishes. Their solution to break through the … Continue reading →

Posted in banks, CalPERS, fiduciary duties, Investor Syndicate, investors, loan modifications, pooling agreements, securities, securitization, servicers, short-selling, toxic assets, Treasury, Trustees | 2 Comments

Wikipedia Loan Modification Page Offers Concise Look at History and Current Programs, Ignores Government Failures

Posted on December 3, 2009 by Isaac Gradman

I get frequent questions about loan modifications and resources for learning more about available programs. Those interested in learning more about this subject at the heart of the current financial crisis should start with the Wikipedia page entitled “Loan Modification … Continue reading →

Posted in banks, Helping Families Save Homes, HOLC, Hope For Homeowners, incentives, loan modifications, Michael Barr, reflexive tactics, securitization, Takings Clause, TARP, Wikipedia | Leave a comment

U.S. Regulators Chastise Banks on Loan Modifications; Political Tide May Be Turning on Home Loan Servicers

Posted on August 13, 2009 by Isaac Gradman

Servicers of home loans have thus far enjoyed preferential treatment by regulators in the shakeout from the recent financial crisis, but that may all be changing. On August 13, U.S regulators issued a joint statement to residential mortgage servicers warning … Continue reading →

Posted in banks, Barney Frank (D-MA), Christopher Dodd (D-CT), conflicts of interest, Federal Reserve, Helping Families Save Homes, junior liens, loan modifications, regulation, Treasury | 5 Comments

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

Posted on November 26, 2008 by Isaac Gradman

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