Category Archives: Wells Fargo

Mortgage Lit Roundup: Five Signs That Plaintiffs Are Winning the RMBS War

A lot can happen in a few months.  I’ve largely taken a break from blogging over the last quarter, as the demands of becoming a new father and joining a new law firm (see “Legal Practice” link in the header) … Continue reading

Posted in Alison Frankel, allocation of loss, Ally Bank, Alt-A, Attorneys General, Bank of New York, bankruptcy, banks, Bear Stearns, bench trials, BofA, bondholder actions, borrower fraud, Citigroup, Clayton Holdings, conflicts of interest, contract rights, counterparty risk, Countrywide, damages, Deutsche Bank, due diligence firms, emc, FDIC, Flagstar, fraud, global catastrophe defense, Goldman Sachs, improper documentation, Insurance Department, investigations, investors, irresponsible lending, JPMorgan, Judge Barbara Kapnick, Judge Eileen Bransten, Judge Jed Rakoff, Judge Paul Crotty, Judge William Pauley, judicial momentum, Judicial Opinions, lawsuits, lenders, lending guidelines, liabilities, LIBOR manipulation, liquidity, litigation, loan files, loss causation, MBIA, MBS, media coverage, misrespresentation, monoline actions, monolines, mortgage fraud, mortgage insurers, NCUA, pooling agreements, private label MBS, probes, public perceptions, putbacks, quinn emanuel, re-underwriting, Regulators, rep and warranty, repurchase, reserve reporting, RMBS, SEC, securities, securities fraud, securities laws, securitization, sellers and sponsors, sole remedy, standing, stated income, statistical sampling, subpoenas, subprime, successor liability, summary judgment, Trustees, underwriting guidelines, underwriting practices, vicarious liability, Walnut Place, Wells Fargo | 2 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

Under AG Foreclosure Settlement, Servicers Get Credit for Things They’re Supposed to Do

Last week, District Court Judge Rosemary Collyer approved the Attorney General Foreclosure Settlement (“AGFS”) without a hearing, and without any objection from investors.  According to the Judge, the Consent Judgment between the nation’s five largest servicers and the Attorneys General … Continue reading

Posted in Adam Levitin, Ally Bank, Attorneys General, auditing, bailout, Bank of New York, banks, BofA, Citigroup, conflicts of interest, contract rights, costs of the crisis, Countrywide, damages, foreclosure crisis, foreclosure rate, global settlement, homeowner relief, improper documentation, incentives, investors, JPMorgan, junior liens, liabilities, MBS, mortgage market, Neil Barofsky, pooling agreements, press, private label MBS, RMBS, robo-signers, servicer defaults, servicers, settlements, Wells Fargo | 2 Comments

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

Commentators Concur: Trustee Involvement Signals Shift in RMBS Litigation

A few weeks ago, I published an article suggesting that the increased cooperation of MBS trustees may signal the turning point in bondholder litigation.  It seems I’m not alone in reaching this conclusion. The following week, on January 27, Adam … Continue reading

Posted in allocation of loss, bondholder actions, chain of title, emc, investors, loan files, servicers, TIAA-CREF, Trustees, Wells Fargo | 3 Comments