Category Archives: mortgage fraud

Why Mortgage Loan Servicers Behave as They Do

Editor’s Note: It seems that we can’t go three months without hearing about yet another species of misconduct by mortgage servicers that shifts losses onto the lienholders they are supposed to protect.  We’ve read reports about force-placed insurance, inflated appraisal … Continue reading

Posted in accounting fraud, allocation of loss, appraisals, auditing, banks, broader credit crisis, causes of the crisis, conflicts of interest, contract rights, costs of the crisis, firing servicers, foreclosure crisis, improper documentation, incentives, investigations, junior liens, lending guidelines, loan modifications, MBIA, MBS, monolines, mortgage fraud, private label MBS, RMBS, robo-signers, securitization, servicer defaults, servicers, settlements, subprime, underwriting guidelines, underwriting practices, Way Too Big to Fail | 4 Comments

The Government Giveth and It Taketh Away: The Significance of the Game Changing FHFA Lawsuits


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It is no stretch to say that Friday, September 2 was the most significant day for mortgage crisis litigation since the onset of the crisis in 2007.  That Friday, the Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae … Continue reading

Posted in acquisitions, Ambac, bailout, banks, Bear Stearns, BofA, bondholder actions, Complaints, contract rights, Countrywide, damages, Deutsche Bank, emc, Fannie Mae, Federal Home Loan Banks, FHFA, Freddie Mac, freeriders, Goldman Sachs, Government bailout, investors, irresponsible lending, JPMorgan, jury trials, lawsuits, lending guidelines, liabilities, litigation, litigation costs, loan files, loss causation, loss estimates, LTV, MBS, media coverage, Merrill Lynch, misrespresentation, monoline actions, mortgage fraud, motions to dismiss, negligence and recklessness, private label MBS, procedural hurdles, putbacks, quinn emanuel, ratings agencies, rep and warranty, repurchase, RMBS, securities, securities laws, securitization, shareholder lawsuits, sole remedy, sophistication, stability, standing, statistical sampling, statutes of limitations, subpoenas, successor liability, too big to fail, Trustees, underwriting practices, Wall St., WaMu | 6 Comments

New York AG Schneiderman Comes out Swinging at BofA, BoNY


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This is big.  Though we’ve seen leading indicators over the last few weeks that New York Attorney General Eric Schneiderman might get involved in the proposed Bank of America settlement over Countrywide bonds, few expected a response that might dynamite … Continue reading

Posted in Attorneys General, bad faith, Bank of New York, banks, BofA, chain of title, conflicts of interest, contract rights, Countrywide, discovery, fiduciary duties, global settlement, improper documentation, investigations, investors, litigation, loan files, LPS, MBS, mortgage fraud, private label MBS, RMBS, robo-signers, servicer defaults, servicers, settlements, standing, successor liability, Trustees, Uncategorized, underwriting practices, Wall St. | 11 Comments

MBS Lawsuit Drivers Part II: Two More Reasons Why MBS Cases Should Jump in 2011


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by Josh Silverman, guest blogger Mortgage-backed securities (“MBS”) litigation should expand this year, as Isaac Gradman correctly pointed out on The Subprime Shakeout in his Top 5 Reasons That MBS Lawsuits Are Just Beginning.   The sheer number of lawsuits continues … Continue reading

Posted in Allstate, banks, bondholder actions, class actions, Countrywide, Federal Home Loan Banks, guest posts, IndyMac, lawsuits, litigation, MBS, mortgage fraud, private label MBS, securities, securities fraud, statutes of limitations | Tagged , , | Leave a comment

Top Five Reasons that MBS Lawsuits Are Just Beginning

After a few quiet months in the world of mortgage crisis litigation, we have seen a flurry of activity over the last six weeks that should put to rest speculation that mortgage derivative lawsuits are winding down.  To recap these … Continue reading

Posted in AIG, allocation of loss, Allstate, Ambac, bailout, banks, BofA, bondholder actions, broader credit crisis, CDOs, CDSs, Complaints, contract rights, Countrywide, Deutsche Bank, discovery, emc, Federal Reserve, Goldman Sachs, incentives, investigations, investors, irresponsible lending, lawsuits, lenders, liabilities, litigation, loss estimates, MBIA, MBS, misrespresentation, monoline actions, mortgage fraud, mortgage insurers, negligence and recklessness, pooling agreements, private label MBS, putbacks, quinn emanuel, rep and warranty, repurchase, SEC, securities, securities fraud, securitization, settlements, sole remedy, statistical sampling, subprime, Uncategorized, waiver of rights to sue, Wall St. | 23 Comments