Category Archives: loan modifications

Protesters Converge on Front Lawn of Greenwich CEO’s Home

Posted on February 14, 2009 by Isaac Gradman

In another unexpected twist in the fight over the cost of loan modifications, the Stamford Times and the Greenwich Time have reported that protesters converged outside the home of Greenwich Financial Services CEO William Frey on February 8 to protest … Continue reading →

Posted in Attorneys General, causes of the crisis, costs of the crisis, Countrywide, Greenwich Financial Services, John Thain, loan modifications, NACA, pooling agreements, responsibility, William Frey | 3 Comments

Greenwich CEO William Frey Primed to Become the Lorax For Investors Without a Voice?

Posted on February 11, 2009 by Isaac Gradman

One of the most interesting stories we’ve been following in the world of mortgage crisis litigation has been the lawsuit filed by Greenwich Financial Services CEO William Frey against Countrywide Financial Corp., Countrywide Home Loans, Inc. and Countrywide Home Loans … Continue reading →

Posted in Attorneys General, BofA, causes of the crisis, Countrywide, Greenwich Financial Services, lenders, loan modifications, repurchase, William Frey | 4 Comments

Pennsylvania Joins Countrywide Settlement, But Where Is the Money Coming From?

Posted on January 31, 2009 by Isaac Gradman

Pennsylvania Attorney General Tom Corbett, whose office spent several months investigating deceptive mortgage practices alleged against Countrywide and its affiliates, has announced that Pennsylvania has joined the $8 billion settlement announced in October with Attorneys General from now over thirty … Continue reading →

Posted in Attorneys General, BofA, Countrywide, Greenwich Financial Services, investors, lawsuits, loan modifications, pay option ARMs, settlements, stipulated judgments, subprime | 1 Comment

Subprime Shakeout Discussed in Volokh Conspiracy Post On Formation of Aggregator Bank

Posted on January 26, 2009 by Isaac Gradman

On January 19, 2009, Eric Posner from the Volokh Conspiracy cited to the Subprime Shakeout in his article entitled “Why should the government buy toxic assets?” The post addressed the idea of an “Aggregator Bank” that would acquire the mortgage-backed … Continue reading →

Posted in Aggregator Bank, Attorneys General, Countrywide, Government bailout, Greenwich Financial Services, investors, loan modifications, predatory lending, securities, settlements, TARP, Volokh Conspiracy | Leave a comment

Citigroup Becomes First Lender to Cave to Mortgage Principal Reductions by Bankruptcy Judges

Posted on January 10, 2009 by Isaac Gradman

It’s official: the first domino has fallen. The L.A. Times has reported that Citigroup Inc. has agreed that bankruptcy courts should be allowed to change the terms of mortgages, including ordering reductions in the principal amount of loans, as part … Continue reading →

Posted in bailout, bankruptcy, Barack Obama, cheap money, Citigroup, class actions, contract rights, homeowner relief, legislation, loan modifications, recession, Seventh Circuit, TARP, TILA, workouts | 2 Comments