Category Archives: Countrywide

Bondholders Battle Back Over Servicer Safe Harbor

Posted on April 29, 2009 by Isaac Gradman

Back in early March, without much fanfare, the U.S. House of Representatives passed H.R. 1106, entitled the “Helping Families Save Their Homes Act of 2009”, which contained a “Servicer Safe Harbor” provision that would allow servicers to disregard bondholders’ contract … Continue reading →

Posted in BofA, Countrywide, Greenwich Financial Services, Helping Families Save Homes, irresponsible lending, legislation, loan modifications, lobbying, Servicer Safe Harbor, William Frey | 2 Comments

Geithner Plan’s Use of Wall Street Firms to Value "Toxic" Securities No Panacea

Posted on April 3, 2009 by Isaac Gradman

Several commentators have recently praised Treasury Secretary Tim Geithner’s plan to use Wall Street firms to help value “toxic” assets, such as mortgage-backed securities (MBS) and collateralized debt obligations (CDOs), because it draws on these firms’ supposed expertise in valuing … Continue reading →

Posted in Countrywide, due diligence firms, hedge funds, legislation, loan modifications, re-underwriting, Richard Posner, Servicer Safe Harbor, Timothy Geithner, toxic assets, valuation, Wall St. | Leave a comment

Countrywide Complaint Against A.I.G. Subsidiary United Guaranty Now Available

Posted on March 24, 2009 by Isaac Gradman

Earlier this week, I posted the complaint filed by A.I.G. subsidiary United Guaranty Mortgage Indemnity Co. (UG) in federal court in Los Angeles. The Subprime Shakeout has now obtained the complaint that started this battle of mortgage industry titans, filed … Continue reading →

Posted in AIG, bad faith, causes of the crisis, Complaints, Countrywide, lawsuits, lenders, lending guidelines, loss causation, mortgage insurers, removability, sophistication, subprime, underwriting practices | Leave a comment

A.I.G. (United Guaranty) v. Countrywide Complaint Now Available

Posted on March 24, 2009 by Isaac Gradman

The complaint filed in federal court in Los Angeles by United Guaranty Mortgage Indemnity Co., the mortgage insurer subsidiary of A.I.G., against Countrywide Financial Corp., Countrywide Home Loans, Inc. and the Bank of New York Trust Company is posted below. … Continue reading →

Posted in AIG, allocation of loss, BofA, causes of the crisis, Complaints, Countrywide, lawsuits, litigation, loan modifications, loss causation, misrespresentation, mortgage fraud, United Guaranty | Leave a comment

A.I.G. and Countrywide Go Head-to-Head Over Mortgage Insurance Coverage

Posted on March 23, 2009 by Isaac Gradman

The battle of the titans has begun. As reported by Reuters on Friday, both A.I.G. and Countrywide have now sued one another over who will bear the losses on a $1 billion pool of subprime mortgage loans. Countrywide fired the … Continue reading →

Posted in AIG, allocation of loss, causes of the crisis, Countrywide, lawsuits, lenders, litigation, loss causation, misrespresentation, mortgage insurers, underwriting practices, United Guaranty | 1 Comment