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25 Aug 2014, 11:17 am
Judge Sam Sparks of the United States District Court for the Western District of Texas granted judgment to defendants in two related cases filed by the FDIC on behalf Guaranty Bank (now defunct) arising out of Guaranty Bank’s purchases in 2004 and 2005 of US$2.1 billion in RMBS. [read post]
25 Aug 2014, 6:00 am
The SEC announced a settlement in which Bank of America admits that it failed to inform investors during the financial crisis about known uncertainties to future income from its exposure to repurchase claims on mortgage loans.Bank of America also is resolving securities fraud charges that the SEC filed last year related to a residential mortgage-backed securities (RMBS) offering.Bank of America has agreed to settle the two cases by paying $245 million as part of a major global… [read post]
25 Aug 2014, 1:20 am
Possible measures include actual losses, the illegal income gained by the infringer, or a specific amount below RMB 1 million".If any reader has further information about this draft law and how to comment on it, can he or she please post it as a comment below? [read post]
23 Aug 2014, 4:49 am
The proposed changes include (a) new provisions for private agreements for the ownership of copyrights - in particular between employer and employee (b) new provisions to govern the administration and regulation of collection societies and (c) new provisions that would move China on from calculating damages based on the actual loss suffered by the right holder to a more flexible system that would include 'account for profit' and/or fixed damages up to RMB 1 million. [read post]
22 Aug 2014, 1:34 am
As part of the RMBS Working Group, the U.S. [read post]
21 Aug 2014, 4:35 pm
” This settlement is part of the ongoing efforts of President Obama’s Financial Fraud Enforcement Task Force and its Residential Mortgage-Backed Securities (RMBS) Working Group, which has recovered $36.65 billion to date for American consumers and investors. [read post]
20 Aug 2014, 11:33 am
In the second case, the People’s Court of Xuhui District in Shanghai found in favor of the employer on its claim for the agreed liquidated damages (RMB 150,000) to be paid by the former employee for her breach of the non-compete duty. [read post]
12 Aug 2014, 4:48 am
Yu was sentenced to two years in prison and fined RMB 150,000 (US $24,000). [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]
3 Aug 2014, 8:55 pm
The Structured Credit Group held and traded ABS (“Asset Backed Security”) cash bonds, which included RMBS and CMBS. [read post]
29 Jul 2014, 6:00 am
”For more information, visit: Morgan Stanley to Pay $275 Million for Misleading Investors in Subprime RMBS Offerings [read post]
28 Jul 2014, 12:01 pm
’s motion for summary judgment in a suit brought by CUNA Mutual Group seeking to rescind the purchase of fifteen RMBS certificates. [read post]
28 Jul 2014, 11:59 am
’s motion to dismiss claims brought by HSBC, as Trustee for the NAAC 2006-AF2 RMBS Trust, seeking damages, specific performance and indemnification for alleged breach of contract. [read post]
28 Jul 2014, 11:57 am
On July 24, the SEC announced that it had charged three Morgan Stanley entities with misleading investors with regard to two RMBS securitizations that the firms underwrote, sponsored and issued and that the firm agreed to settle the charges. [read post]
28 Jul 2014, 11:39 am
On July 24, S&P issued a request for comment on changes to methodology and assumptions for assessing Japanese RMBS. [read post]
22 Jul 2014, 9:15 am
Citing Fait, Judge Batts held that Deutsche Bank’s optimistic statements about its exposure to RMBS amounted to opinions, not objective misstatements of fact. [read post]
17 Jul 2014, 7:44 am
Associate Attorney General West detailed three general principles that will continue to guide the Justice Department’s approach in all future RMBS cases: accountability, transparency and redress. [read post]
14 Jul 2014, 5:33 am
Contrary to those representations, Citigroup securitized and sold RMBS with underlying mortgage loans that it knew had material defects. [read post]
9 Jul 2014, 9:51 am
Pursuant to a $7 billion settlement, on July 14, 2014, the United States Department of Justice announced that it had resolved federal and state civil claims related to Citigroup’s packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (“RMBS”) prior to Jan. 1, 2009. [read post]
3 Jul 2014, 5:19 am
Among other things, the court held that a Section 1014 claim may be adequately pleaded by alleging false statements that influenced a covered institution’s decision to purchase RMBS securities, in addition to loans. [read post]
