The court agreed with the borrowers that the 2013 foreclosure action by Wells Fargo is time-barred by the state’s five-year statute of limitations; however. . .
Read More »BNY Mellon Cautions U.S. Supreme Court on RMBS Decision
Bank of New York Mellon told the U.S. Supreme Court in a filing that overturning a Second Circuit Court ruling would mean disaster for the residential mortgage-backed securities market.
Read More »Whistleblower Attempts to Revive RMBS Suit Against Wells Fargo
A former Wells Fargo subprime loan officer has asked the Second Circuit Court of Appeals to revive her suit against the bank, claiming that Wells Fargo engaged in a scheme to knowingly sell toxic mortgage-backed securities to investors to qualify for city and state tax exemptions.
Read More »CFPB Plays Defense Against PHH Corp.’s Appeal of $109 Million Penalty
The Consumer Financial Protection Bureau is defending itself against a $109 million penalty the Bureau handed down to PHH Corp. for allegedly accepting kickbacks from mortgage insurers.
Read More »RMBS Suit Filed by S&P Investors is Denied Revival by U.S. Supreme Court
A district judge refused to revive the case in September 2013 based on allegations by the DOJ, saying that the outcome of the case would not have been changed by new information brought up about representations made by S&P to investors.
Read More »Investor Sues FHFA and Treasury Over GSE Profits
Robinson contends that despite posting record losses for 2007 and the first half of 2008, shortly before the government seized control of them, Fannie Mae and Freddie Mac were always capable of paying their debts and were never in danger of insolvency. The complaint contends that Fannie Mae and Freddie Mac took a relatively conservative approach to investing in mortgages during the years 2004 to 2007, the so-called “housing bubble,” during which many institutions were not conservative where the mortgage market was concerned.
Read More »Former Fannie Mae Executives Settle With SEC Over Subprime Exposure Claims
The Commission's lawsuit claimed that during the years 2007 and 2008 immediately before the crisis, Fannie Mae executives said their exposure to subprime and riskier mortgage loans was about $4.8 billion when it was about 10 times greater.
Read More »Sixth Circuit Court Denies Petition for Rehearing in Promissory Note Transfer Case
The Sixth Circuit Court on Friday denied two petitions to rehear the case, saying that "the original panel has reviewed the petitions for rehearing and concludes that the issues raised in the petitions were fully considered upon the original submission and decision of the cases."
Read More »Goldman Sachs Wins Class Action Lawsuit Filed by Investors Over Toxic MBS
U.S. District Judge Victor Marrero in the U.S. District Court for the Southern District of New York ruled that there was no evidence that Goldman knew the securities would fail or that Goldman failed to disclose any known risk to the securities.
Read More »Federal Judge Dismisses Two Fraud Lawsuits Against Ocwen
U.S. District Judge William Dimitrouleas in the U.S. District Court, Southern District of Florida, dismissed lawsuits filed by Ocwen Financial shareholders and Altisource Portfolio Solutions shareholders accusing the Atlanta-based servicer of fraud.
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