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Home | News | Secondary Market

Judge Upholds $1.5 Billion Claim against Wells Fargo

Judge Upholds $1.5 Billion Claim against Wells Fargo

A lawsuit filed by European bank LBBW Luxemburg S.A. over an alleged $1.5 billion subprime mortgage-backed securities (MBS) fraud scheme was upheld by a federal judge, who denied the bank’s motions to dismiss. U.S. District Judge J. Paul Oetken let stand charges of fraud, breach of contract, negligent misrepresentation, and constructive fraud against Wells Fargo Securities LLC and Fortis Securities LLC.

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Fed Survey Finds Increased Interest in RMBS

Fed Survey Finds Increased Interest in RMBS

The Board of Governors of the Federal Reserve System released findings from its Senior Credit Officer Opinion Survey for March, 2014. The report found that credit officers are experiencing an increased demand for residential mortgage-backed securities (RMBS).

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Fitch: RMBS Servicers to See a “New Normal”

Fitch: RMBS Servicers to See a “New Normal”

In a press release issued by Fitch Ratings, the company comments that the past year has seen a "sea change" in who is servicing severely delinquent U.S. mortgage loans—and how they are being serviced. Fitch found that 2013 saw many portfolios of non-agency residential mortgage-backed securities (RMBS) mortgage servicing rights (MSR) move from banks to non-bank servicers.

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Senior RMBS Trader Convicted of Defrauding TARP

Senior RMBS Trader Convicted of Defrauding TARP

Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced in a press release Friday that a federal jury in New Haven has convicted Jesse C. Litvak, a registered broker-dealer and former managing director at New York investment bank Jefferies & Co., Inc., of multiple offenses involving schemes to defraud customers trading in residential mortgage-based securities (RMBS).

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Wells Fargo May Loosen Credit Requirements

Wells Fargo May Loosen Credit Requirements

Wells Fargo is looking to reenter the subprime mortgage market by lowering its standards of acceptable credit scores for borrowers. Wells Fargo is the largest U.S. mortgage lender, and a move back into the subprime market may signal a sizable shift in the mortgage lending environment.

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