Category Archives: misrespresentation

Federal Regulators Pick Fight with Banks Over Collapsed Credit Unions

Posted on March 29, 2011 by Isaac Gradman

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 →

Posted in BofA, bondholder actions, Citigroup, Credit Unions, FDIC, Goldman Sachs, JPMorgan, Kathy Patrick, litigation, Merrill Lynch, misrespresentation, NCUA, private label MBS, Regulators, securities fraud | Leave a comment

Federal Home Loan Bank of Pittsburgh Scores Important Early Victory in Pennsylvania Lawsuit

Posted on December 7, 2010 by Isaac Gradman

In the first substantive decision handed down in any of the five major lawsuits by the Federal Home Loan Banks (FHLB) over RMBS losses, the Hon. Stanton Wettick, Jr. of the Court of Common Pleas of Allegheny County, Pennsylvania dealt … Continue reading →

Posted in Countrywide, Federal Home Loan Banks, investors, JPMorgan, lawsuits, loan files, misrespresentation, ratings agencies, remand, removability, rep and warranty, repurchase, sole remedy, toxic assets | 8 Comments

A.I.G. (United Guaranty) v. Countrywide Complaint Now Available

Posted on March 24, 2009 by Isaac Gradman

The complaint filed in federal court in Los Angeles by United Guaranty Mortgage Indemnity Co., the mortgage insurer subsidiary of A.I.G., against Countrywide Financial Corp., Countrywide Home Loans, Inc. and the Bank of New York Trust Company is posted below. … Continue reading →

Posted in AIG, allocation of loss, BofA, causes of the crisis, Complaints, Countrywide, lawsuits, litigation, loan modifications, loss causation, misrespresentation, mortgage fraud, United Guaranty | Leave a comment

A.I.G. and Countrywide Go Head-to-Head Over Mortgage Insurance Coverage

Posted on March 23, 2009 by Isaac Gradman

The battle of the titans has begun. As reported by Reuters on Friday, both A.I.G. and Countrywide have now sued one another over who will bear the losses on a $1 billion pool of subprime mortgage loans. Countrywide fired the … Continue reading →

Posted in AIG, allocation of loss, causes of the crisis, Countrywide, lawsuits, lenders, litigation, loss causation, misrespresentation, mortgage insurers, underwriting practices, United Guaranty | 1 Comment

Newest Navigant Study Released: Shows Unprecedented Volume of Credit Crisis Litigation

Posted on December 19, 2008 by Isaac Gradman

Navigant Consulting, Inc. (NCI), a global consulting firm that releases quarterly reports on subprime mortgage and related case filings in the federal courts, released their newest study today, and the results are staggering (see MSN Money article here). The report, … Continue reading →

Posted in broader credit crisis, causes of the crisis, class actions, investors, lawsuits, litigation, misrespresentation, Navigant Consulting, Savings and Loan crisis, securities, subprime | Leave a comment