Category Archives: Investor Syndicate

Wells Fargo Sues EMC as Trustees Start Playing Ball with RMBS Investors; Servicers Still Holding Out


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Will we look back at this point in the mortgage crisis fallout as the turning point for RMBS investors?  With the news that Wells Fargo, as securitization trustee, has sued EMC Mortgage in Delaware Chancery Court over loan files, trustee … Continue reading

Posted in Bear Stearns, Deutsche Bank, emc, FDIC, Investor Syndicate, loan files, private label MBS, procedural hurdles, putbacks, rep and warranty, repurchase, Trustees, WaMu, Wells Fargo | 3 Comments

PIMCO, BlackRock, New York Fed To Demand That BofA Repuchase Faulty Non-Agency Mortgages


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Private label residential mortgage backed securities (RMBS) investors, including BlackRock, PIMCO, and the New York Fed, are expected to join MetLife, Inc. in its efforts to force BofA to repurchase defective subprime and Alt-A mortgage loans originated by Countrywide and … Continue reading

Posted in Bank of New York, BlackRock, BofA, demand letter, Event of Default, Investor Syndicate, Kathy Patrick, PIMCO, procedural hurdles, rep and warranty, repurchase, RMBS, servicer defaults, Trustees | 7 Comments

Strange Bedfellows: Barney Frank’s Falling Out With Wall Street Leaves Him Aligned With Former Nemesis

I have seen some strange things during my time covering the mortgage crisis, but this one may beat them all. On August 20, 2010, representative Barney Frank (D-MA) sent a letter to Barack Obama, urging the President to appoint a … Continue reading

Posted in Barack Obama, Barney Frank (D-MA), BofA, campaign finance, FHFA, Greenwich Financial Services, Investor Syndicate, Paul Kanjorski, rep and warranty, repurchase, servicers, William Frey | 2 Comments

New York Fed Throws Weight Behind Mortgage Buy Backs


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As reported in Bloomberg, the Federal Bank of New York has announced that it is involved in “multiple efforts” to exercise its rights with respect to its holdings in faulty mortgages an other assets acquired through the bailouts of Bear … Continue reading

Posted in AIG, Bear Stearns, BlackRock, CDOs, Fannie Mae, Federal Reserve, Freddie Mac, freeriders, global settlement, incentives, Investor Syndicate, loan files, MBS, rep and warranty, repurchase, SEC | 1 Comment

Investor Syndicate Fires Warning Shot Across Trustee Bows


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As first reported by Reuters on Wednesday, and as further detailed by Bloomberg today, the Investor Syndicate has finally begun to emerge from the shadows and give securitization trustees a hint at what’s coming.  According to Talcott Franklin, the Dallas … Continue reading

Posted in fiduciary duties, firing servicers, Investor Syndicate, irresponsible lending, private label MBS, repurchase, reserve reporting, securitization, servicer defaults, Servicer Safe Harbor, Trustees | 13 Comments