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Tag Archives: RMBS

Wells Fargo Welcomes Back Private-label RMBS

An executive at Wells Fargo has announced the bank will attempt to bring back private-label bonds this year. The bank hasn’t issued bonds backed by non-government guaranteed loans since 2008, amidst the housing crisis. JPMorgan and Redwood Trust have also begun issuing these types of bond as of late.

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Credit Suisse to Pay $400 Million in RMBS Litigation

After allegedly selling toxic residential mortgage-backed securities which led to the failure of three credit unions, Credit Suisse Securities has agreed to pay $400 million in a settlement on Wednesday. The National Credit Union Administration settled with Credit Suisse, ending a litigation that has lasted nearly five years. The NCUA filed a motion for voluntary dismissal in Kansas federal court on Tuesday.

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Barclays Settles with SEC in RMBS Case

Barclays Capital will pay more than $16 million in remediation and penalties in response to charges brought against the bank by the U.S. Securities and Exchange Commission. The charges alleged two Barclays traders misled customers and that the bank failed to properly supervise them. The traders have also agreed to individual settlements of their own.

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Fannie, Freddie Transfer $18B in Risk

The FHFA’s Credit Risk Transfer Report revealed a big uptick in GSE credit risk transfer for 2016. Fannie Mae and Freddie Mac transferred a combined $18 billion in credit risk on $548 billion mortgages for the year. Risk was transferred via a variety of debt issuances, insurance and reinsurance programs, and front-end transactions.

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Counsel’s Corner: Who Pays the Tab in an RMBS Suit?

Hector Torres, co-founding partner with Kasowitz, Benson, Torres and Friedman LLP, discussed with DS News a court ruling that decided who was responsible for attorneys' fees in a case where the trustee of two pools of failed RMBS sued the deal sponsor.

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