Monthly Archives: November 2012
Hurricanes Hitting Underwater Mortgages
November 14, 2012
by David Reiss
A former colleague, Barry Goldberg, raises an important financial issue relating to the devastation that Hurricane Sandy left in its wake. Massive flood, storm and fire casualties on homes with underwater mortgages may make for an odd set of incentives … Continue reading
Read MoreJudge Cote (SDNY) Allows FHFA To Proceed in Suit Against JPMorgan
by David Reiss
The court said that the FHFA, Fannie and Freddie’s regulator, can proceed with its securities fraud claim relating to billions of MBS bought by the two mortgage companies. The allegations turn on allegedly false representations made by the bank relating … Continue reading
Read MoreFHFA and CFPB To Create a National Mortgage Database
November 10, 2012
by David Reiss
This is a very big deal. Data on mortgages is very fractured and imcomplete and it is hard for researchers to access in many cases. Private companies that collected such data often are unwilling to share it and some types … Continue reading
Read MoreFederal Court in Texas Rules in Favor of Counties in Recording-Fee Case Against MERS
by Brad Borden
Margaret Cronin Fisk & Tom Korosec report a decision by the U.S. District court in Dallas to not dismiss a case brought by several Texas counties against MERS and Bank of America for lost recording fees. Margaret Cronin Fisk & Tom Korosec, Bank of America, MERS … Continue reading
Read MoreAustralian Court Rules S&P’s Ratings of MBS were Misleading
by Brad Borden
Hannah Low and Jonathan Shapiro of the Australian Financial Review report that an Australian Federal Court ruled that Standard & Poor’s rating of complex financial products was misleading. The court held that the credit assessment process was negligent and no … Continue reading
Read MoreCFPB Issues Supervisory Highlights
by David Reiss
The Fall 2012 Highlights state that the Bureau will have three guiding principles 1. Focused on consumers; 2. Driven by data; and 3. Examinations conducted consistently across sectors. The Bureau found that effective systems to ensure compliance with Federal consumer … Continue reading
Read MoreFederal Prosecutors Sue Bank of America Over Mortgage Program
November 9, 2012
by Brad Borden
Ben Protess reports that federal prosecutors in New York sued Bank of America on Wednesday, accusing it of carrying out a mortgage scheme that defrauded the government during the depths of the financial crisis. Ben Protess, Federal Prosecutors Sue Bank of … Continue reading
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