Category Archives: chain of title

$8.5 Billion BofA Settlement of Countrywide Trusts Raises Questions for Investors on Sidelines

As more details emerge about Bank of America’s proposed $8.5 billion settlement with Kathy Patrick’s bondholder group and Bank of New York Mellon (“BoNY”) as Trustee, the deal looks even worse for Countrywide RMBS investors.  Now, it is apparent that … Continue reading

Posted in allocation of loss, Bank of New York, banks, BlackRock, BofA, bondholder actions, chain of title, conflicts of interest, contract rights, Countrywide, damages, Federal Home Loan Banks, Federal Reserve, fiduciary duties, Freddie Mac, global settlement, Goldman Sachs, improper documentation, incentives, investors, irresponsible lending, Kathy Patrick, lawsuits, lenders, lending guidelines, liabilities, litigation, litigation costs, loss causation, loss estimates, MBS, MetLife, PIMCO, pooling agreements, private label MBS, procedural hurdles, putbacks, re-underwriting, rep and warranty, repurchase, responsibility, RMBS, securities, securitization, sellers and sponsors, settlements, standing, subprime, successor liability, The Subprime Shakeout, TIAA-CREF, Trustees, underwriting practices, valuation, waiver of rights to sue, William Frey | 17 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

Massachusetts Supreme Court Hands Down Ruling in Ibanez, Invalidates Postforeclosure Assignments and Assignments in Blank

The Massachusetts Supreme Court has issued its highly-anticipated opinion in the case of US Bank National Association v. Ibanez (and the related case of Wells Fargo Bank v. LaRace), bringing with it more bad news for the lending industry.  The … Continue reading

Posted in allocation of loss, assignment in blank, bondholder actions, chain of title, foreclosure crisis, investors, massachusetts, mortgage market, securitization, standing, Trustees, US Bank, Wells Fargo | 8 Comments