Author Archives: Isaac Gradman

PIMCO, BlackRock, New York Fed To Demand That BofA Repuchase Faulty Non-Agency Mortgages

Posted on October 19, 2010 by Isaac Gradman

Private label residential mortgage backed securities (RMBS) investors, including BlackRock, PIMCO, and the New York Fed, are expected to join MetLife, Inc. in its efforts to force BofA to repurchase defective subprime and Alt-A mortgage loans originated by Countrywide and … Continue reading →

Posted in Bank of New York, BlackRock, BofA, demand letter, Event of Default, Investor Syndicate, Kathy Patrick, PIMCO, procedural hurdles, rep and warranty, repurchase, RMBS, servicer defaults, Trustees | 7 Comments

Mortgage Mess Causes Bank Stocks To Plummet

Posted on October 15, 2010 by Isaac Gradman

Bank stocks have taken a sharp hit this week as awareness regarding potential liabilities for faulty mortgages and foreclosures reaches critical mass. You can’t turn on the TV or open a newspaper these days without seeing reports on the recent … Continue reading →

Posted in BofA, branch hill capital, foreclosure crisis, foreclosure moratorium, improper documentation, JPMorgan, liabilities, loss estimates, rep and warranty, repurchase, robo-signers, true sale | 4 Comments

New York Judge Tosses Greenwich Suit Against Countrywide Over Loan Modifications For Failure To Follow PSA Procedure

Posted on October 13, 2010 by Isaac Gradman

In a ruling dated October 7, 2010, New York County Supreme Court Judge Barbara R. Kapnick tossed out Greenwich Financial’s lawsuit against Countrywide.  The suit sought a declaratory judgment that Countrywide had to repurchase any loans that it modified pursuant … Continue reading →

Posted in Bank of New York, BofA, bondholder actions, Countrywide, Greenwich Financial Services, loan modifications, motions to dismiss, procedural hurdles, settlements, William Frey | 6 Comments

Strange Bedfellows: Barney Frank’s Falling Out With Wall Street Leaves Him Aligned With Former Nemesis

Posted on October 8, 2010 by Isaac Gradman

I have seen some strange things during my time covering the mortgage crisis, but this one may beat them all. On August 20, 2010, representative Barney Frank (D-MA) sent a letter to Barack Obama, urging the President to appoint a … Continue reading →

Posted in Barack Obama, Barney Frank (D-MA), BofA, campaign finance, FHFA, Greenwich Financial Services, Investor Syndicate, Paul Kanjorski, rep and warranty, repurchase, servicers, William Frey | 2 Comments

Inside Mortgage Finance Sees Private Label Rep and Warranty Claims Increasing

Posted on September 7, 2010 by Isaac Gradman

The following story appeared in the September 3, 2010 issue of Inside Nonconforming Markets, a biweekly newsletter focusing on news and data on non-agency mortgages.  This story reflects the growing awareness in the marketplace of the undisclosed mortgage repurchase liabilities … Continue reading →

Posted in Federal Home Loan Banks, FHFA, judicial momentum, liabilities, loan files, private label MBS, rep and warranty, repurchase | 1 Comment