Tag Archives: BlackRock

Bringing decades of risk management and financial services experience to the role, the Risk Response, LLC Founder and Principal joins the GSE as the newest member of its Board of Directors.

BlackRock Inc., along with 23 other investors of residential mortgage-backed securities, petitioned New York federal Judge Lorna G. Schofield to hear oral arguments to advance their case to class status as they seek to collect over $3 billion in lost assets from HSBC. The initial suit claims that HSBC did not do its due diligence in protecting certificate holders, and that they failed to ensure the home loans being sold from mortgage originators and sponsors to the trust were only selling debt from credit-worthy borrowers. The plaintiff’s claim that HSBC’s direct neglect was the cause of loses when default rates hit their peak during the housing crisis.

The claims that were revived in the state court involved 794 private-label residential mortgage-backed securities that were securitized during a three-year period immediately prior to the financial crisis (2004 to 2007). According to reports, at the time of securitization, the trusts were worth about $743.8 billion. The investors are accusing the Minneapolis-based bank, as a trustee for the securities, of ignoring defects in the loans and failing to take action, which subsequently caused investors to lose billions of dollars in the aftermath of the crisis.

BlackRock, Inc. recently hired Jack Chandler as global head of real estate. Chandler will oversee BlackRocks global real estate capabilities, which extend across the capital market structure and include both equity and debt investment products. Chandler is the former global chief investment officer and executive chairman, Asia, for LaSalle Investment Management. At BlackRock, he succeeds Paul Audet, senior managing director, who assumed interim leadership for the firm's real estate business in 2008.

Berkadia Commercial Mortgage LLC announced the appointment of Hugh R. Frater as CEO this week. He replaces Michael I. Lipson, who left the organization. Frater was a founding partner and managing director of BlackRock, Inc., the largest publicly traded investment manager. He also served as EVP for the real estate division of PNC Financial Services.