Category Archives: contract rights

Citigroup Becomes First Lender to Cave to Mortgage Principal Reductions by Bankruptcy Judges

Posted on January 10, 2009 by Isaac Gradman

It’s official: the first domino has fallen. The L.A. Times has reported that Citigroup Inc. has agreed that bankruptcy courts should be allowed to change the terms of mortgages, including ordering reductions in the principal amount of loans, as part … Continue reading →

Posted in bailout, bankruptcy, Barack Obama, cheap money, Citigroup, class actions, contract rights, homeowner relief, legislation, loan modifications, recession, Seventh Circuit, TARP, TILA, workouts | 2 Comments

Details of Greenwich v. Countrywide Emerge

Posted on December 5, 2008 by Isaac Gradman

An article published on Monday in Business Week (available here) sheds some additional light on the lawsuit filed by Hedge Fund Greenwich Financial Services against Countrywide challenging its agreement to conduct large-scale loan modifications (previously discussed here, here, and here). … Continue reading →

Posted in BofA, contract rights, costs of the crisis, Countrywide, Greenwich Financial Services, lawsuits, litigation, loan modifications, Ocwen, securitization, stability, subprime, William Frey, workouts | 3 Comments