Category Archives: lenders

Greenwich v. Countrywide Complaint Now Available

Posted on December 3, 2008 by Isaac Gradman

Here is the Complaint brought by Grais & Ellsworth on behalf of hedge fund Greenwich Financial Services against Countrywide Financial Corp., Countrywide Home Loans, Inc. and Countrywide Home Loans Servicing LP (all now part of Bank of America) in the … Continue reading →

Posted in Attorneys General, BofA, Complaints, Countrywide, Greenwich Financial Services, lawsuits, lenders, litigation, loan modifications, repurchase, settlements, William Frey, workouts | Leave a comment

Investors Cry Foul at BofA Settlement of Countrywide Suits. Why the Resistance?

Posted on November 26, 2008 by Isaac Gradman

Not everyone is pleased with Bank of America’s record-setting $8.68 billion settlement of lawsuits against Countrywide by attorneys general across the country (see previous post here). Under the agreement, BofA, which acquired Countrywide in July of this year, agreed to … Continue reading →

Posted in Alt-A, Attorneys General, Aurora Loan Servicing, banks, BofA, Countrywide, investors, lawsuits, Lehman Brothers, lenders, repurchase, underwriting practices | 1 Comment

Focus of New Regulation Should Be On Securitization

Posted on November 11, 2008 by Isaac Gradman

The election of Barack Obama as the presumptive 44th President of the United States promises to usher in an era of increased regulation of the financial markets pursuant to Obama’s platform of economic reform. So far, many commentaries on the … Continue reading →

Posted in accounting, Alt-A, banks, Barack Obama, broader credit crisis, causes of the crisis, lenders, mortgage market, regulation, securities, securitization, subprime | Leave a comment

Clinton Breaks Down the Credit Crisis

Posted on October 30, 2008 by Isaac Gradman

I happened to catch Bill Clinton on the Late Show with David Letterman earlier this month and was surprised at how much substance was contained in the interview. I encourage you to read the full text of Clinton’s explanation of … Continue reading →

Posted in banks, Bill Clinton, causes of the crisis, cheap money, Fannie Mae, Federal Reserve, Freddie Mac, incentives, interest rates, legislation, lenders, liquidity, overinvestment, subprime | Leave a comment

Potential Jurors Unfriendly to Mortgage Lenders?

Posted on October 18, 2008 by Isaac Gradman

As reported by Peter Page in the National Law Journal (subscription required), a survey completed earlier this month of adults eligible for jury service found that potential jurors overwhelmingly held plaintiff-oriented perceptions with respect to suits against mortgage lenders. “Nearly … Continue reading →

Posted in causes of the crisis, Howard Rice, jury trials, lenders, litigation, mortgage insurers, predatory lending, public perceptions, securitization, subprime, underwriting practices | Leave a comment