Author Archives: Isaac Gradman
Federal Regulators Pick Fight with Banks Over Collapsed Credit Unions
Just when you thought the hubbub surrounding mortgage backed securities (MBS) was starting to subside, federal regulators have taken their most aggressive stance yet against the banks that sold toxic loans as investment grade securities, according to an article in … Continue reading
Midwinter Conference Sparks Lively Discourse, Focuses on Servicing Deficiencies
I just returned from my first Midwinter Housing Finance Conference in Park City, Utah. Though the conference, organized by Brian Hershkowitz, has been an annual favorite of snow-loving housing professionals for decades, it tends to receive far less publicity than … Continue reading
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
Ambac Drops Bombshell Proposed Amended Complaint on JP Morgan, EMC
In a pleading filled with allegations that can only be described as shocking, Ambac has accused Bear Stearns and its former subsidiary EMC Mortgage (both now owned by JP Morgan) of a parade of horribles in its proposed amended complaint … Continue reading
Wells Fargo Sues EMC as Trustees Start Playing Ball with RMBS Investors; Servicers Still Holding Out
Will we look back at this point in the mortgage crisis fallout as the turning point for RMBS investors? With the news that Wells Fargo, as securitization trustee, has sued EMC Mortgage in Delaware Chancery Court over loan files, trustee … Continue reading
