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27 Mar 2014, 5:58 am
On March 20, the Appellate Division, First Department denied an RMBS trustee’s motion for reargument of or, alternatively, leave to appeal to the Court of Appeals (New York’s highest court) from the First Department’s December 19, 2013 Decision and Order dismissing the trustee’s mortgage loan repurchase action against DB Structured Products as time barred. [read post]
13 May 2013, 12:24 pm
(AIG) to proceed with several of its claims against Bank of America and related entities arising from AIG’s purchase of Countrywide-issued RMBS. [read post]
24 Sep 2007, 12:35 am
., and Moody's Investors Service have all been contacted by the SEC and questioned about their procedures and policies on rating collateral debt obligations (CDOs) and residential mortgage-backed securities (RMBS). [read post]
4 Feb 2013, 7:31 am
In both actions, Bank Hapoalim alleges that the offering documents for RMBS it purchased contained material misrepresentations and omissions concerning the underwriting standards for the mortgages underlying the securities, the transfer of mortgage loans, the legal validity of the trusts, and the statistical information about the mortgage loans underlying the securities. [read post]
11 Feb 2013, 7:00 am
On February 5, two Standard & Poor’s entities filed a declaratory judgment action in the Southern District of South Carolina seeking to bar the South Carolina Attorney General from suing S&P under South Carolina’s Unfair Trade Practices Act in connection with S&P’s ratings of RMBS and CDOs. [read post]
13 May 2013, 12:22 pm
Last May, a New York trial court dismissed CIFG’s claim for fraudulent inducement relating to its insurance of RMBS, holding that CIFG was unable to establish reasonable reliance as a matter of law because it had not reviewed a sample of the mortgage loans in its pre-investment due diligence, and dismissed certain breach of contract claims for lack of standing. [read post]
31 May 2016, 12:51 pm
The SEC alleges that from March 2011 to March 2015, FMC and its senior-most executives pulled current, performing loans out of Ginnie Mae RMBS by falsely claiming they were delinquent in order to sell them at a profit into newly-issued RMBS. [read post]
25 Jun 2018, 5:21 am
SEC Charges Merrill Lynch for Failure to Supervise RMBS TradersMerrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities (RMBS). [read post]
9 Sep 2014, 6:07 am
In 2008, private-label RMBS issuance dropped to $9 billion, and flat-lined in 2009. [read post]
5 Nov 2014, 1:20 pm
The District Court for the Southern District of Ohio recently limited the American Pipe tolling doctrine in a fraud suit arising out of the sale of residential mortgage-backed securities (“RMBS”). [read post]
2 Nov 2022, 2:53 pm
31 Jan 2024, 8:31 am
30 Jun 2011, 4:38 am
Bank of America announced it reached agreement to settle nearly all of the claims related to Countrywide-issued first-lien residential mortgage-backed securities, representing 530 trusts with an original principal of $424 billion. [read post]
25 Oct 2008, 8:02 am
The book also uses hotel prices to show the purchasing power parity between a 100 RMB note and a USD$100 bill. [read post]
10 Jun 2013, 9:48 am
Bank, as trustee for the RMBS, owed it and the putative class duties under the governing agreements and the Trust Indenture Act of 1939 (TIA). [read post]
7 Mar 2016, 9:46 am
Judge Forrest also held that the Indentures’ no-action clauses have no effect in suits against RMBS trustees, rejecting U.S. [read post]
20 Jul 2015, 2:09 pm
On July 10, 2015, Judge Denise Cote of the Southern District of New York granted partial summary judgment in favor of defendants WMC Mortgage LLC and GE Mortgage Holding LLC in an action filed by Trustee Bank of New York Mellon (“BoNY”) in connection with the sale of over $900 Million in RMBS. [read post]
4 Aug 2014, 7:35 am
FHFA initiated securities fraud cases against a number of banks alleging false statements made in the offering documents for RMBS purchased by the GSEs between 2005 and 2007. [read post]
22 Jan 2013, 7:06 am
The court granted Asset Management Fund leave to replead as to the $10 million purchase of RMBS it allegedly made after March 1, 2007. [read post]
1 Jun 2015, 11:52 am
’s motion for partial summary judgment to dismiss certain loan repurchase claims asserted by Bank of NewYork Mellon in its capacity as RMBS Trustee for GE-WMC Mortgage Securities Trust 2006-I. [read post]
