Category Archives: private label MBS

Pfaelzer Dismissal of Bank of America from Countrywide Suit Throws Investors for a Loop

Posted on April 27, 2011 by igradman

Is Bank of America on the hook for Countrywide’s liabilities for defective loans?  Depends on which judge you ask. With the recent decision by Judge Mariana Pfaelzer to dismiss BofA as a defendant in the case of Maine State Retirement … Continue reading →

Posted in acquisitions, allocation of loss, appeals, balance sheets, banks, BofA, Countrywide, investors, jurisdiction, lawsuits, lenders, liabilities, liquidity, litigation, MBIA, merger, monoline actions, motions to dismiss, private label MBS, responsibility, securities fraud, subprime, successor liability, vicarious liability | Tagged , , , , , | 6 Comments

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

Wells Fargo Sues EMC as Trustees Start Playing Ball with RMBS Investors; Servicers Still Holding Out

Posted on January 21, 2011 by Isaac Gradman

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 →

Posted in Bear Stearns, Deutsche Bank, emc, FDIC, Investor Syndicate, loan files, private label MBS, procedural hurdles, putbacks, rep and warranty, repurchase, Trustees, WaMu, Wells Fargo | 3 Comments

Barron’s Article Pulls No Punches in Assessing Bank Putback Liability

Posted on November 22, 2010 by Isaac Gradman

If you’re looking for a great primer on the latest developments in the legal saga over who will ultimately bear the losses for the detritus that passed as subprime and Alt-A mortgage loans from 2004 to 2007, check out this … Continue reading →

Posted in allocation of loss, Barron's, Clayton Holdings, Lehman Brothers, loan files, private label MBS, rep and warranty, repurchase, responsibility, stated income, too big to fail, underwriting practices | 2 Comments

Full Text of BlackRock, PIMCO Letter to Bank of New York and Bank of America Available

Posted on October 21, 2010 by Isaac Gradman

Below, please find the full text of the letter sent by Kathy Patrick and the law firm of Gibbs & Bruns to Bank of New York and BofA/Countrywide on behalf of private label mortgage investors, including BlackRock, PIMCO, MetLife, Freddie … Continue reading →

Posted in Bank of New York, BlackRock, BofA, bondholder actions, Countrywide, Federal Reserve, Freddie Mac, Kathy Patrick, loan modifications, MetLife, PIMCO, private label MBS, procedural hurdles | 6 Comments