Category Archives: Fannie Mae

Motion to Exclude Frey Testimony from Article 77 Raises Eyebrows, Questions About Role of BlackRock and PIMCO

The backyard brawl between the AIG-led objecting investors on one hand and Bank of New York Mellon (BNYM) and the investors supporting BofA’s $8.5 billion settlement on the other is about to get even messier.  As I last wrote on … Continue reading

Posted in AIG, allocation of loss, appeals, Bank of New York, banks, bench trials, BlackRock, BofA, bondholder actions, conflicts of interest, contract rights, Countrywide, demand letter, Event of Default, Fannie Mae, FHFA, fiduciary duties, global settlement, incentives, Investor Syndicate, investors, Judge Barbara Kapnick, Judge William Pauley, Judicial Opinions, Kathy Patrick, lawsuits, liabilities, litigation, MBS, negligence and recklessness, PIMCO, private label MBS, putbacks, remand, rep and warranty, repurchase, responsibility, RMBS, servicers, Trustees, William Frey | Leave a comment

Originator Business Models Led Inevitably to Housing Crash

by Steve Ruterman, guest blogger It has been four years since the onset of the epic economic and capital markets fiasco known as the housing crash, and this crisis is far from over.  Because the housing and mortgage finance industries … Continue reading

Posted in AIG, banks, broader credit crisis, causes of the crisis, Complaints, Countrywide, Fannie Mae, Freddie Mac, guest posts, incentives, interest rates, irresponsible lending, lawsuits, lenders, lending guidelines, MBIA, MBS, mortgage market, private label MBS, research, RMBS, securitization, The Subprime Shakeout, Uncategorized, Way Too Big to Fail, William Frey | Tagged , , , , , , | Leave a comment

The Government Giveth and It Taketh Away: The Significance of the Game Changing FHFA Lawsuits


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It is no stretch to say that Friday, September 2 was the most significant day for mortgage crisis litigation since the onset of the crisis in 2007.  That Friday, the Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae … Continue reading

Posted in acquisitions, Ambac, bailout, banks, Bear Stearns, BofA, bondholder actions, Complaints, contract rights, Countrywide, damages, Deutsche Bank, emc, Fannie Mae, Federal Home Loan Banks, FHFA, Freddie Mac, freeriders, Goldman Sachs, Government bailout, investors, irresponsible lending, JPMorgan, jury trials, lawsuits, lending guidelines, liabilities, litigation, litigation costs, loan files, loss causation, loss estimates, LTV, MBS, media coverage, Merrill Lynch, misrespresentation, monoline actions, mortgage fraud, motions to dismiss, negligence and recklessness, private label MBS, procedural hurdles, putbacks, quinn emanuel, ratings agencies, rep and warranty, repurchase, RMBS, securities, securities laws, securitization, shareholder lawsuits, sole remedy, sophistication, stability, standing, statistical sampling, statutes of limitations, subpoenas, successor liability, too big to fail, Trustees, underwriting practices, Wall St., WaMu | 6 Comments

RMBS Legal Roundup: The Top Five Developments You Might Have Missed While Obsessing Over the BoNY/BofA Settlement


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With interesting developments occurring almost daily in the proposed Bofa/Countrywide settlement with Bank of New York, it has been hard to focus on anything else.  Indeed, since the last time I posted on the settlement (discussing New York AG Eric … Continue reading

Posted in AIG, Attorneys General, Bank of New York, banks, BofA, bondholder actions, CDOs, class actions, Complaints, contract rights, costs of the crisis, Credit Unions, damages, Deutsche Bank, Fannie Mae, FHFA, Freddie Mac, global settlement, Goldman Sachs, investigations, investors, JPMorgan, lawsuits, litigation, loss causation, MBS, misrespresentation, mortgage market, motions to dismiss, NCUA, Paulson and Co., private label MBS, probes, procedural hurdles, research, reserve reporting, responsibility, RMBS, SEC, securities fraud, securitization, settlements, sophistication, standing, subpoenas, subprime, too big to fail, Treasury, Trustees, Uncategorized, Wall St. | 2 Comments

Midwinter Conference Sparks Lively Discourse, Focuses on Servicing Deficiencies


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I just returned from my first Midwinter Housing Finance Conference in Park City, Utah.  Though the conference, organized by Brian Hershkowitz, has been an annual favorite of snow-loving housing professionals for decades, it tends to receive far less publicity than … Continue reading

Posted in ASF, conflicts of interest, Fannie Mae, Freddie Mac, incentives, investors, litigation, Midwinter Conference, Presentations, Winding Down GSES | 1 Comment