Category Archives: lenders

Seventh Circuit Disallows Class Actions for TILA Violations

Posted on September 30, 2008 by Isaac Gradman

In August, I wrote about a major Seventh Circuit ruling on the way that could open the doors for borrowers to file class actions against mortgage lenders to rescind their loans. On September 24, the Seventh Circuit issued its ruling, … Continue reading →

Posted in Andrews v. Chevy Chase, appeals, banks, Chevy Chase, Complaints, lenders, litigation, predatory lending, rescission, Seventh Circuit, TILA | Leave a comment

Fed Takeover of Freddie and Fannie May Provide Temporary Stability, But Is it Just a Band-Aid?

Posted on September 10, 2008 by Isaac Gradman

By now, most have heard the news that the Federal Government stepped in on Sunday to exercise the authority granted to it by Congress in July to bail out government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae. The major … Continue reading →

Posted in broader credit crisis, causes of the crisis, education, Fannie Mae, Freddie Mac, legislation, lenders, liquidity, mortgage market, securitization, stability, subprime, takeover | 1 Comment

Indiana Piles On

Posted on August 27, 2008 by Isaac Gradman

Indiana Attorney General Steve Carter has brought a lawsuit against Countrywide Financial Corp., making it the latest of a half dozen states going after the nation’s former number one mortgage lender for improper lending practices (see Reuters article here). This … Continue reading →

Posted in acquisitions, Attorneys General, banks, BofA, Complaints, Countrywide, lenders, liabilities, litigation, predatory lending, subprime | Leave a comment

Countrywide Sued by New Mexico Pension and Investment Funds

Posted on August 20, 2008 by Isaac Gradman

The Chicago Times reports that Countrywide has been sued on behalf of New Mexico’s state Investment Council, the Educational Retirement Board and the Public Employees Retirement Association for both conning homeowners into mortgages they could not afford and duping investors … Continue reading →

Posted in acquisitions, Countrywide, IndyMac, lenders, litigation, New Century, predatory lending, securities | Leave a comment

California Legislature Reaches Compromise on Subprime Reform Bill

Posted on August 20, 2008 by Isaac Gradman

The L.A. Times reports that the California has reached a compromise with consumer and lending groups on a bill that would guard against some of the practices that contributed to the subprime crisis. The bill, an amended version of AB … Continue reading →

Posted in Alt-A, broader credit crisis, Countrywide, education, incentives, legislation, lenders, predatory lending, ratings agencies, subprime | Leave a comment