The investment banking firm reached an agreement in principle to settle claims that it sold faulty mortgage-backed securities before the crisis.
Read More »Citi Investors Sue Bank for Billions Over Faulty RMBS
Did Citi deliberately ignore breaches in several billion dollars worth of residential mortgage-backed securities?
Read More »Goldman Sachs Agrees to $270 Million RMBS Settlement with Pension Funds
In August 2014, Goldman agreed to pay $3.15 billion to settle a lawsuit filed by the Federal Housing Finance Agency (FHFA) alleging that Goldman sold toxic RMBS to Fannie Mae and Freddie Mac, for which FHFA is the conservator.
Read More »Fresh Off RMBS Deal of the Year Award, Fifth STACR of 2015 Priced at $950 Million
Freddie Mac has laid off a portion of credit risk on more than $281 billion in unpaid principal balance for single-family mortgages through 13 STACR offerings and seven Agency Credit Insurance Structure (ACIS) transactions. More than one million loans have been represented in those transactions.
Read More »Freddie Mac’s STACR Program Receives Prestigious RMBS Award
The STACR offering in late May priced at $425.6 million was Freddie Mac's fourth this year and 13th overall. Freddie Mac has laid off a substantial portion of credit risk for more than $280 billion in unpaid balances on single-family mortgages through STACR transactions.
Read More »Counsel’s Corner: Should the Statute of Limitations Apply for ‘Putback’ Claims on RMBS?
Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Don Hawthorne, Partner in the New York office of Axinn Veltrop & Harkrider.
Read More »New York Appeals Court Approves Bank of America’s $8.5 Billion RMBS Settlement
Thursday's ruling by the appeals court reversed a decision made by a New York State Supreme Court judge in January 2014 that Bank of America did not have to repurchase the faulty loans because the trustee, Bank of New York-Mellon, did not evaluate them properly.
Read More »Morgan Stanley Agrees to Pay $2.6 Billion to Resolve RBMS Claims
Investment firm Morgan Stanley agreed in principle on Wednesday to pay $2.6 billion to resolve claims that it packaged and sold faulty residential mortgage-backed securities leading up to the financial crisis.
Read More »Report: DOJ Pushing to Charge Individuals for Roles in Mortgage Meltdown
Attorney General Eric Holder has given U.S. attorneys across the country 90 days to judge whether or not they want to bring cases against specific individuals for their alleged roles in 2008's mortgage crisis, according to reports.
Read More »Three Firms Settle With Pension Fund for $235 Million Over RMBS Fraud Complaints
Three financial institutions – Citigroup Global Markets, Goldman Sachs, and UBS Securities – have agreed to a settlement for $235 million with a pension fund that bought Residential Capital to resolve allegations of fraud on the part of the underwriters involving mortgage-backed securities, according to media reports.
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