Category Archives: legislation

Grais & Ellsworth Launches ABS Investor Blog

Posted on May 20, 2009 by Isaac Gradman

On Monday, New York law firm Grais & Ellsworth jumped into the legal blogosphere with a new law blog on the fallout from the subprime mortgage crisis entitled “The ABS Investor Advocate.” According to named partner David Grais, the blog’s … Continue reading →

Posted in Grais and Ellsworth, Greenwich Financial Services, Helping Families Save Homes, investors, legislation, litigation, loan modifications, Servicer Safe Harbor, subprime, William Frey | Leave a comment

Helping Families Save Their Homes Act (S. 896) Passes Senate, Awaits Approval From House

Posted on May 8, 2009 by Isaac Gradman

The Senate passed a version of the Helping Families Save Their Homes Act (S. 896) on Wednesday by a vote of 91-5. The bill will now go back before the House of Representatives, which can adopt it, amend it, send … Continue reading →

Posted in allocation of loss, bankruptcy cramdown, Christopher Dodd (D-CT), Helping Families Save Homes, incentives, investors, legislation, loan modifications, Servicer Safe Harbor | 1 Comment

Amendment to Restrict Servicer Safe Harbor Rejected By Senate

Posted on May 7, 2009 by Isaac Gradman

On Tuesday, the U.S. Senate rejected a measure that would have limited the “Servicer Safe Harbor” provision of the “Helping Families Save Their Homes Act,” which aims to protect servicers from lawsuits over their modifications of residential mortgage loans. The … Continue reading →

Posted in costs of the crisis, Helping Families Save Homes, homeowner relief, incentives, investors, irresponsible lending, legislation, Servicer Safe Harbor, William Frey | Leave a comment

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