Category Archives: Federal Reserve

$8.5 Billion BofA Settlement of Countrywide Trusts Raises Questions for Investors on Sidelines


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As more details emerge about Bank of America’s proposed $8.5 billion settlement with Kathy Patrick’s bondholder group and Bank of New York Mellon (“BoNY”) as Trustee, the deal looks even worse for Countrywide RMBS investors.  Now, it is apparent that … Continue reading

Posted in allocation of loss, Bank of New York, banks, BlackRock, BofA, bondholder actions, chain of title, conflicts of interest, contract rights, Countrywide, damages, Federal Home Loan Banks, Federal Reserve, fiduciary duties, Freddie Mac, global settlement, Goldman Sachs, improper documentation, incentives, investors, irresponsible lending, Kathy Patrick, lawsuits, lenders, lending guidelines, liabilities, litigation, litigation costs, loss causation, loss estimates, MBS, MetLife, PIMCO, pooling agreements, private label MBS, procedural hurdles, putbacks, re-underwriting, rep and warranty, repurchase, responsibility, RMBS, securities, securitization, sellers and sponsors, settlements, standing, subprime, successor liability, The Subprime Shakeout, TIAA-CREF, Trustees, underwriting practices, valuation, waiver of rights to sue, William Frey | 17 Comments

Top Five Reasons that MBS Lawsuits Are Just Beginning

After a few quiet months in the world of mortgage crisis litigation, we have seen a flurry of activity over the last six weeks that should put to rest speculation that mortgage derivative lawsuits are winding down.  To recap these … Continue reading

Posted in AIG, allocation of loss, Allstate, Ambac, bailout, banks, BofA, bondholder actions, broader credit crisis, CDOs, CDSs, Complaints, contract rights, Countrywide, Deutsche Bank, discovery, emc, Federal Reserve, Goldman Sachs, incentives, investigations, investors, irresponsible lending, lawsuits, lenders, liabilities, litigation, loss estimates, MBIA, MBS, misrespresentation, monoline actions, mortgage fraud, mortgage insurers, negligence and recklessness, pooling agreements, private label MBS, putbacks, quinn emanuel, rep and warranty, repurchase, SEC, securities, securities fraud, securitization, settlements, sole remedy, statistical sampling, subprime, Uncategorized, waiver of rights to sue, Wall St. | 23 Comments

Bank of America Fires Off Response to BlackRock and PIMCO Demand Letter, Accuses Lawyer of "Ulterior Agenda"


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In a response that can only be described as indignant, Bank of America fired back on November 4 at the group of investors that demanded that Countrywide/BofA repurchase loans in connection with $47 billion worth of private-label mortgage backed securities.  … Continue reading

Posted in Attorneys General, BlackRock, BofA, Countrywide, Event of Default, Federal Reserve, Freddie Mac, Kathy Patrick, MBS, PIMCO, procedural hurdles, rep and warranty, repurchase, servicers, specificity | Leave a comment

Full Text of BlackRock, PIMCO Letter to Bank of New York and Bank of America Available


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Below, please find the full text of the letter sent by Kathy Patrick and the law firm of Gibbs & Bruns to Bank of New York and BofA/Countrywide on behalf of private label mortgage investors, including BlackRock, PIMCO, MetLife, Freddie … Continue reading

Posted in Bank of New York, BlackRock, BofA, bondholder actions, Countrywide, Federal Reserve, Freddie Mac, Kathy Patrick, loan modifications, MetLife, PIMCO, private label MBS, procedural hurdles | 6 Comments

Compass Point To Hold Call Addressing Mortgage Repurchase Risks


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Compass Point Research & Trading, a registered broker/dealer and one of the leading financial research firms investigating Alt-A and subprime mortgage backed securities (MBS), will be hosting a conference call to discuss mortgage repurchase risks.  The call will be held … Continue reading

Posted in BofA, Compass Point, Federal Home Loan Banks, Federal Reserve, FHFA, JPMorgan, liabilities, loan files, loss estimates, private label MBS, repurchase, research, reserve reporting | 4 Comments