Category Archives: securities
Federal Home Loan Bank of San Francisco Sues Over RMBS Losses As Investor Actions Build Steam
One month ago, with the filing by the Federal Home Loan Bank of Seattle of eleven lawsuits against the major Wall Street creators of residential mortgage-backed securities (RMBS), I speculated that the floodgates of investor litigation may finally be swinging … Continue reading
Home Loan Bank Lawsuit May Signal Floodgates Opening For Investor Actions
As reported this week in the Wall Street Journal (article available here, with subscription), the Federal Home Loan Bank of Seattle has filed separate lawsuits against 11 different Wall Street firms, alleging that it was misled about the quality of … Continue reading
Bondholders Considering Plan to Tell Servicers: "You’re Fired!"
With lawsuits against servicers grinding a slow path through the court system, investors are looking to make an end-run around the intransigent banks who are refusing to service mortgages in accordance with bondholder wishes. Their solution to break through the … Continue reading
Subprime Shakeout Discussed in Volokh Conspiracy Post On Formation of Aggregator Bank
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
Newest Navigant Study Released: Shows Unprecedented Volume of Credit Crisis Litigation
Navigant Consulting, Inc. (NCI), a global consulting firm that releases quarterly reports on subprime mortgage and related case filings in the federal courts, released their newest study today, and the results are staggering (see MSN Money article here). The report, … Continue reading
