Category Archives: loan modifications

WTBTF Book Tour Day 2: Meeting, Marketing and Mentoring in Manhattan

I woke Tuesday morning, Nov. 8 on the second day of the Way Too Big to Fail book tour to the news that Kathy Patrick, legal architect of Bank of America’s Hail Mary Countrywide settlement (background here and here), had … Continue reading

Posted in BlackRock, Bloomberg, BofA, book tour, Countrywide, foreclosure rate, Fox News, Greenwich Financial Services, investors, Kathy Patrick, litigation, loan modifications, loss causation, MBIA, MBS, media coverage, Morgan Stanley, mortgage market, MSNBC, PIMCO, Presentations, Regulators, The Subprime Shakeout, Uncategorized, Way Too Big to Fail, William Frey | Leave a comment

Countrywide Loan Modification Settlement Becomes Issue In Connecticut Senatorial Race


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The ramifications of the Mortgage Crisis are being felt on this Election Day 2010, as the issues of foreclosures, loan modifications and MBS-related losses to pensionholders’ portfolios are being brought to the forefront in some key political battles.  As a … Continue reading

Posted in allocation of loss, Attorneys General, BofA, Christopher Dodd (D-CT), Countrywide, global settlement, Linda McMahon, loan modifications, political ads, Richard Blumenthal, senate races, The Nation | 2 Comments

Full Text of BlackRock, PIMCO Letter to Bank of New York and Bank of America Available


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Below, please find the full text of the letter sent by Kathy Patrick and the law firm of Gibbs & Bruns to Bank of New York and BofA/Countrywide on behalf of private label mortgage investors, including BlackRock, PIMCO, MetLife, Freddie … Continue reading

Posted in Bank of New York, BlackRock, BofA, bondholder actions, Countrywide, Federal Reserve, Freddie Mac, Kathy Patrick, loan modifications, MetLife, PIMCO, private label MBS, procedural hurdles | 6 Comments

New York Judge Tosses Greenwich Suit Against Countrywide Over Loan Modifications For Failure To Follow PSA Procedure


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In a ruling dated October 7, 2010, New York County Supreme Court Judge Barbara R. Kapnick tossed out Greenwich Financial’s lawsuit against Countrywide.  The suit sought a declaratory judgment that Countrywide had to repurchase any loans that it modified pursuant … Continue reading

Posted in Bank of New York, BofA, bondholder actions, Countrywide, Greenwich Financial Services, loan modifications, motions to dismiss, procedural hurdles, settlements, William Frey | 6 Comments

Federal Short Sale Programs Will Face Same Shortcoming As Workouts: Too Much Carrot, Not Enough Stick


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With government-backed loan modification programs showing abysmal results, Washington has turned to short sales as the flavor of the week to ameliorate the foreclosure crisis.  Pursuant to the Treasury Department’s Home Affordable Foreclosure Alternatives (HAFA) initiative, effective April 5, loan … Continue reading

Posted in allocation of loss, California Lawyer, conflicts of interest, foreclosure rate, HAFA, incentives, loan modifications, servicers, short-selling, Treasury | 1 Comment