Category Archives: global settlement

MBIA on Winning Streak Heading into Trial on Restructuring Challenge

Posted on April 24, 2012 by igradman

Monoline insurer MBIA, the most influential plaintiff in mortgage crisis litigation, has been on a roll lately in its lawsuits against Bank of America and other institutions over issues stemming from the subprime meltdown.  But MBIA will face its stiffest … Continue reading →

Posted in Alison Frankel, allocation of loss, appeals, bailout, Bank of New York, banks, bench trials, BofA, bondholder actions, CDOs, contract rights, costs of the crisis, Countrywide, damages, discovery, global settlement, Government bailout, investors, Judge Barbara Kapnick, Judge Eileen Bransten, Judicial Opinions, lawsuits, liabilities, litigation, loss causation, MBIA, MBS, media coverage, monoline actions, monolines, private label MBS, putbacks, Regulators, rep and warranty, reserve reporting, responsibility, RMBS, settlements, statistical sampling, subprime, successor liability, The Subprime Shakeout, Trustees | 6 Comments

Pauley Stirs the Pot: Federal Judge Still Making an Impact as BofA Settlement Approaches Critical Crossroads in State Court

Posted on April 18, 2012 by igradman

On April 24, Judge Barbara Kapnick will hold a hearing in New York Supreme Court on whether Bank of American’s $8.5 billion settlement proposal should be evaluated under the restrictive Article 77 vehicle, or whether investors challenging the deal can … Continue reading →

Posted in appeals, Attorneys General, Bank of New York, banks, BofA, bondholder actions, class actions, conflicts of interest, Countrywide, discovery, Event of Default, global settlement, investors, Judge Barbara Kapnick, Judge William Pauley, Judicial Opinions, jurisdiction, lawsuits, liabilities, litigation, MBS, motions to dismiss, private label MBS, procedural hurdles, putbacks, remand, removability, repurchase, RMBS, SEC, securitization, servicer defaults, settlements, standing, Trustees, Walnut Place | 3 Comments

Under AG Foreclosure Settlement, Servicers Get Credit for Things They’re Supposed to Do

Posted on April 10, 2012 by igradman

Last week, District Court Judge Rosemary Collyer approved the Attorney General Foreclosure Settlement (“AGFS”) without a hearing, and without any objection from investors.  According to the Judge, the Consent Judgment between the nation’s five largest servicers and the Attorneys General … Continue reading →

Posted in Adam Levitin, Ally Bank, Attorneys General, auditing, bailout, Bank of New York, banks, BofA, Citigroup, conflicts of interest, contract rights, costs of the crisis, Countrywide, damages, foreclosure crisis, foreclosure rate, global settlement, homeowner relief, improper documentation, incentives, investors, JPMorgan, junior liens, liabilities, MBS, mortgage market, Neil Barofsky, pooling agreements, press, private label MBS, RMBS, robo-signers, servicer defaults, servicers, settlements, Wells Fargo | 2 Comments

New York Judge Strikes Blow to Investor Putback Claims

Posted on April 4, 2012 by igradman

Update: it appears that Walnut Place has already filed an appeal of the dismissal of its lawsuit against BofA and Countrywide – IMG. Investors in Countrywide mortgage backed securities (MBS) were dealt a setback last Wednesday in their efforts to … Continue reading →

Posted in Alison Frankel, appeals, Bank of New York, banks, BofA, bondholder actions, conflicts of interest, contract rights, Countrywide, derivative lawsuits, Event of Default, global settlement, Greenwich Financial Services, hedge funds, incentives, investors, irresponsible lending, Judge Barbara Kapnick, Judicial Opinions, lawsuits, lending guidelines, litigation, MBS, motions to dismiss, pooling agreements, private label MBS, procedural hurdles, putbacks, rep and warranty, repurchase, research, RMBS, securitization, settlements, standing, Trustees, underwriting guidelines, underwriting practices, Walnut Place | 5 Comments

MBS Discovery Battles Heating Up, Impacting Litigation Timelines and Leverage

Posted on March 28, 2012 by igradman

If litigation is war, then discovery is the hand-to-hand combat that takes place in the trenches, costing plenty and potentially having a major impact on the outcome of the war in the aggregate.  With most of the major MBS litigation … Continue reading →

Posted in Attorneys General, bad faith, Bank of New York, banks, BofA, bondholder actions, conflicts of interest, contract rights, Countrywide, discovery, fraud, global settlement, improper documentation, investors, lawsuits, liabilities, litigation, MBIA, MBS, misrespresentation, monoline actions, monolines, mortgage fraud, private label MBS, putbacks, remand, rep and warranty, repurchase, RMBS, securities, securitization, settlements, subprime, successor liability, Trustees | 8 Comments