Nomura Holdings and the Royal Bank of Scotland (RBS) have agreed to pay an extra $33 million in addition to the $806 million a judge ordered them to pay for allegedly misrepresenting the quality of mortgage-backed securities sold to Fannie Mae and Freddie Mac in the run-up to the financial crisis.
Read More »Los Angeles Drops Mortgage Discrimination Suit Against JPMorgan Chase
In addition its lawsuit against JPMorgan, the city of Los Angeles is also pursuing lawsuit for nearly identical discriminatory issues with Bank of America Corp., Wells Fargo & Co, and Citigroup, Inc.
Read More »Circuit Court Revives Predatory Mortgage Lending Suits Against Three Large Banks
The lawsuit, originally introduced to a lower court by the City of Miami on December 13, 2011, alleged that each bank in question had participated in a decade-long pattern of discriminatory lending by targeting blacks and Hispanics for predatory loans.
Read More »Royal Bank of Scotland Loses Bid to Have FHFA’s MBS Suit Dismissed
A federal judge in Connecticut has denied a bid by the Royal Bank of Scotland (RBS) to dismiss a lawsuit filed by the FHFA accusing the bank of misleading Fannie Mae and Freddie Mac in the sale of $32 billion worth of residential mortgage-backed securities before the financial crisis.
Read More »FDIC Suit Claims BNY Mellon Breached Trustee Duties for $2 Billion Worth of RMBS
The lawsuit, filed in the U.S. District Court for the Southern District of New York, claims that BNY Mellon "shirked its duty" as a bond trustee to make sure that the securities were not defective.
Read More »Circuit Court Revives FDIC’s Securities Suit Against Deutsche, Goldman, and RBS
A judge in Austin, Texas, dismissed the lawsuits filed by the FDIC last year against the financial institutions, stating that a Texas law that required lawsuits to be filed within five years of the sale of the mortgage-backed securities superseded the federal law.
Read More »Government Files Opposition to Bank of America’s Appeal of ‘Hustle’ Case Verdict
When filing the appeal in April, Bank of America claimed that "the trial itself was riddled with errors at both the liability and penalty phases." The bank also claims the federal law under which the government made the claim comes with a penalty of no more than $1.1 million.
Read More »Groups File Amicus Briefs on Behalf of Investors in GSE Profits Lawsuit
Non-partisan seniors advocacy group 60 Plus Association, Inc., and several other groups and individuals have filed amicus briefs in the U.S. Court of Appeals for the District of Columbia Circuit on behalf of Perry Capital, the plaintiffs in a dismissed lawsuit against the government regarding the sweeping of GSE profits into Treasury.
Read More »FHFA Seeking $13 Billion From RBS in Mortgage-Backed Securities Suit
The lawsuit against RBS in the Connecticut court involved the selling of about $32 billion worth of faulty mortgage-backed securities to Fannie Mae and Freddie Mac before the crisis. The bank had set aside about $3 billion for a possible settlement but reports surfaced that the FHFA might ask as much as $7.7 billion.
Read More »Newspaper Files Motion to Unseal Depositions in Fairholme GSE Profits Lawsuit
The newspaper has asked the Court to remove the protected information tag from the depositions of Edward DeMarco, who was the director of the Federal Housing Finance Administration from 2009 to 2014, and Mario Ugoletti, who was a senior official with the U.S. Department of Treasury in 2008 when the government bailed out Fannie Mae and Freddie Mac at a combined price of $187.5 billion.
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