Author Archives: Isaac Gradman

Latest Gatekeeper Litigation: City of San Buenaventura Sues Deloitte Over WAMU Subprime Collapse

Posted on June 24, 2009 by Isaac Gradman

Following on the heels of the lawsuits against KPMG by New Century’s debtors for contributing to the collapse of the mortgage giant, accounting firm Deloitte & Touche (D&T) and the officers and directors of Washington Mutual Bank (WAMU) have been … Continue reading →

Posted in accounting, auditing, Deloitte and Touche, Ernst and Young, gatekeeper litigation, incentives, KPMG, Lehman Brothers, loss causation, ratings agencies, subprime, WaMu | Leave a comment

Obama Proposes Sweeping Reforms For Financial Regulation

Posted on June 19, 2009 by Isaac Gradman

Just last weekend, in discussing the current financial crisis with friends, I expressed concerns that in the panic to unfreeze the credit markets and stabilize the economy, our government would continue to simply throw money at the problem, while ignoring … Continue reading →

Posted in Barack Obama, Center for Responsible Lending, Federal Reserve, Government bailout, incentives, legislation, lenders, oversight, recession, regulation, TARP, Timothy Geithner, underwriting practices | Leave a comment

Obama Signs Helping Families Save Their Homes Act Into Law, Complete With Servicer Safe Harbor

Posted on June 1, 2009 by Isaac Gradman

On May 21, President Barack Obama signed the Helping Families Save Their Homes Act into law (P.L. 111-22), including the controversial “Servicer Safe Harbor” provision that relieves servicers of their contractual liabilities for modifying loans without investor approval. The House … Continue reading →

Posted in Barack Obama, Helping Families Save Homes, incentives, investors, irresponsible lending, legislation, loan modifications, Servicer Safe Harbor, toxic assets | 1 Comment

Grais & Ellsworth Launches ABS Investor Blog

Posted on May 20, 2009 by Isaac Gradman

On Monday, New York law firm Grais & Ellsworth jumped into the legal blogosphere with a new law blog on the fallout from the subprime mortgage crisis entitled “The ABS Investor Advocate.” According to named partner David Grais, the blog’s … Continue reading →

Posted in Grais and Ellsworth, Greenwich Financial Services, Helping Families Save Homes, investors, legislation, litigation, loan modifications, Servicer Safe Harbor, subprime, William Frey | Leave a comment

Helping Families Save Their Homes Act (S. 896) Passes Senate, Awaits Approval From House

Posted on May 8, 2009 by Isaac Gradman

The Senate passed a version of the Helping Families Save Their Homes Act (S. 896) on Wednesday by a vote of 91-5. The bill will now go back before the House of Representatives, which can adopt it, amend it, send … Continue reading →

Posted in allocation of loss, bankruptcy cramdown, Christopher Dodd (D-CT), Helping Families Save Homes, incentives, investors, legislation, loan modifications, Servicer Safe Harbor | 1 Comment