Category Archives: loan modifications

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

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

A.I.G. (United Guaranty) v. Countrywide Complaint Now Available

Posted on March 24, 2009 by Isaac Gradman

The complaint filed in federal court in Los Angeles by United Guaranty Mortgage Indemnity Co., the mortgage insurer subsidiary of A.I.G., against Countrywide Financial Corp., Countrywide Home Loans, Inc. and the Bank of New York Trust Company is posted below. … Continue reading →

Posted in AIG, allocation of loss, BofA, causes of the crisis, Complaints, Countrywide, lawsuits, litigation, loan modifications, loss causation, misrespresentation, mortgage fraud, United Guaranty | Leave a comment

Senate to Consider Bill That Threatens to Obliterate Mortgage Bondholders’ Contract Rights

Posted on March 16, 2009 by Isaac Gradman

On March 5, 2009, the U.S. House of Representatives passed H.R. 1106, also known as the “Helping Families Save Their Homes Act of 2009,” which threatens to override the contract rights of bondholders who invested in mortgage-backed securities (MBS). A … Continue reading →

Posted in allocation of loss, bankruptcy, bankruptcy cramdown, Countrywide, Greenwich Financial Services, Helping Families Save Homes, legislation, litigation, loan modifications, Servicer Safe Harbor | 1 Comment