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Tag Archives: LIBOR

Borrower Defenses 2022

When it comes to foreclosures, what types of legal defenses should be expected? Legal League 100 Chair Stephen M. Hladik details the challenges that lie ahead for servicers and their attorney partners.

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CPFB Issues New Rule on LIBOR-Linked Accounts

A criminal London Inter-Bank Offered Rate (LIBOR) rate-setting conspiracy that implicated major international banks has resulted in the Consumer Financial Protection Bureau (CFPB) finalizing a rule to transition away from the LIBOR interest rate index for all consumer financial products starting in 2022.  The rule establishes how creditors must select replacement indices for existing ...

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Getting Ready for LIBOR’s End

low income households

LIBOR, the London Inter-Bank Offered Rate, is expected to discontinue sometime after 2021, but as the index used to set many adjustable mortgage rates, what will happen next?

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Freddie Mac Files Suit Against 12 Banks Over Libor Scandal

The story of the London Interbank Offered Rate (Libor) scandal added another chapter in March as Freddie Mac brought suit against Barclays, Bank of America, Citibank, and several other institutions for investment losses related to alleged rate-rigging practices. The GSE filed March 14 against a dozen banks for ""punitive damages to the extent allowable by law"" as well as for the cost of attorneys and legal fees. A number for damages sought was not specified.

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Report: LIBOR Scandal May Have Cost GSEs More Than $3B

Fannie Mae and Freddie Mac may have lost billions of dollars as a result of borrowing rate manipulation, according to a report from the Office of the Inspector General of the Federal Housing Finance Agency (FHFA-OIG). The banking world was rocked in late June as it was revealed that traders at Barclays spent years rigging the London Interbank Offered Rate (Libor), a global interest rate at which banks lend money to each other. As those probes continue, the Wall Street Journal is now reporting Fannie Mae and Freddie Mac may have sustained more than $3 billion in losses from the rate-rigging.

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