Category Archives: Wall St.

Who’s Watching the Watchmen? RMBS Trustees Come Under Fire as Investors Launch Next Wave of Lawsuits

“When one door closes, another door opens; but we so often look so long and regretfully upon the closed door, that we do not see the ones which open for us.” ― Alexander Graham Bell The face of RMBS litigation … Continue reading

Posted in ACE, Alt-A, appeals, Bank of New York, Bank of New York Mellon, banks, Bernstein Litowitz, BlackRock, BofA, bondholders, Certificateholders, Citigroup, Commerce Bank, Countrywide, Credit Unions, DB Structured Products, Deutsche Bank, Doubleline Capital, Federal Home Loan Banks, fiduciary duties, global settlement, HSBC, Institutional Investors, investors, JPMorgan, Justice Kornreich, Kathy Patrick, lawsuits, liabilities, litigation, MBS, New York State Supreme Court, Paul Clement, PIMCO, pooling agreements, putbacks, repurchase, RMBS, SEC, servicers, settlements, statutes of limitations, subprime, TIA, Trustees, US Bank, Wall St., Wells Fargo | 7 Comments

Investor End Games: All Is Not Well in the Garden

“As long as the roots are not severed, all is well.  And all will be well in the garden.” – Chance the Gardener, Being There (1979) With Judge Barbara Kapnick announcing earlier this month that the approval hearing in Bank … Continue reading

Posted in AIG, allocation of loss, ASF, Attorneys General, Bank of New York, banks, BlackRock, Bloomberg, BofA, bondholder actions, causes of the crisis, conflicts of interest, consitutionality, contract rights, costs of the crisis, Countrywide, damages, Deutsche Bank, discovery, eminent domain, fiduciary duties, foreclosure crisis, fraud, global settlement, Grais and Ellsworth, impact of the crisis, incentives, investors, irresponsible lending, Judge Barbara Kapnick, Judge Eileen Bransten, junior liens, Kathy Patrick, lawsuits, lenders, lending guidelines, liabilities, LIBOR manipulation, liquidity, litigation, litigation costs, lobbying, MBIA, MBS, misrespresentation, monoline actions, monolines, mortgage fraud, mortgage insurers, mortgage market, negative equity, Neil Barofsky, private label MBS, procedural hurdles, putbacks, recession, rep and warranty, repurchase, Residential Capital, responsibility, restructuring, RMBS, securities, securitization, sellers and sponsors, settlements, standing, statistical sampling, statutes of limitations, successor liability, summary judgment, The Subprime Shakeout, too big to fail, toxic assets, Treasury, Trustees, underwriting guidelines, underwriting practices, US Bank, vicarious liability, waiver of rights to sue, Wall St., Walnut Place, Way Too Big to Fail, Wells Fargo, William Frey | 2 Comments

Federal Judge in Goldman Sachs MBS Suit Grants Class Action Status to All Bondholders in Trust

This just in: the Hon. Harold Baer, Jr. of the Southern District of New York has certified a class of bondholders in Goldman Sachs MBS Trust 2006-S2 led by the Mississippi Public Employees Retirement Fund.  Included in the class are … Continue reading

Posted in bondholder actions, class actions, Goldman Sachs, investors, irresponsible lending, Judge Harold Baer, Judicial Opinions, lawsuits, lending guidelines, litigation, MBS, private label MBS, Residential Capital, RMBS, securities, securities laws, securitization, sellers and sponsors, sophistication, standing, underwriting guidelines, underwriting practices, Wall St. | Leave a comment

BlackRock Attorney to Face Stiffer Challenges to Next Set of MBS Settlements

(Updated version, including new 6th paragraph on subsequent announcement of larger probe into Morgan Stanley bonds) Having received copious kudos for engineering an $8.5 billion investor settlement with Bank of America over soured Countrywide residential mortgage backed securities (RMBS), “pitbull” … Continue reading

Posted in Allstate, appeals, Attorneys General, Bank of New York, banks, BlackRock, BofA, bondholder actions, conflicts of interest, contract rights, Countrywide, emc, Event of Default, Federal Home Loan Banks, FHFA, global settlement, hedge funds, Investor Syndicate, investors, JPMorgan, jurisdiction, Kathy Patrick, lawsuits, lenders, liabilities, litigation, MBIA, MBS, Morgan Stanley, Philippe Selendy, press, private label MBS, putbacks, quinn emanuel, Regulators, remand, removability, rep and warranty, repurchase, RMBS, securities, securitization, settlements, standing, toxic assets, Wall St., Wells Fargo | 7 Comments

Book Tour Day 1: Pessimism, Hope and Note Cards


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My first day in New York City to promote the release of Way Too Big to Fail was a whirlwind, as expected.  I arrived into JFK at 6:00 AM and headed into Manhattan for my first stop at the Cornell … Continue reading

Posted in Attorneys General, bailout, Dan Rather, due diligence firms, Government bailout, hedge funds, mortgage market, Neil Barofsky, putbacks, re-underwriting, Regulators, RMBS, securities, securities laws, securitization, TARP, The Subprime Shakeout, Timothy Geithner, too big to fail, Treasury, Wall St., Way Too Big to Fail, William Frey | Leave a comment