Editor: David Reiss
Brooklyn Law School

May 24, 2016


By David Reiss

The Court of Appeals for the Second Circuit reversed the District Court’s judgment (SDNY, Rakoff, J.) against Bank of America defendants for actions arising from Countrywide’s infamous “Hustle” mortgage origination program. The case has a lot of interesting aspects to it, … Continue reading

April 18, 2016

Goldman’s $5B Mortgage Settlement: If They Only Knew

By David Reiss

The news reports about Goldman’s $5 billion settlement over its boom-time securitization practices have focused on whether Goldman would really have to pay all $5 billion at the end of the day. It is important to focus on the size … Continue reading

March 14, 2016

Final Accounting for National Mortgage Settlement

By David Reiss

Joseph Smith, the Monitor of the National Mortgage Settlement, has issued his Final Compliance Update. He writes, I have filed a set of five compliance reports with the United States District Court for the District of Columbia as Monitor of the … Continue reading

February 1, 2016

Rigged Justice

By David Reiss

The Office of Senator Elizabeth Warren has released Rigged Justice: 2016 How Weak Enforcement Lets Corporate Offenders Off Easy. The Executive Summary states, When government regulators and prosecutors fail to pursue big corporations or their executives who violate the law, … Continue reading

January 11, 2016

Monday’s Adjudication Roundup

By Shea Cunningham

New York state appeals court affirmed denying dismissal of claims against Morgan Stanley for fraud. Plaintiff bought $17 million in high-risk notes tied to residential mortgage-backed securities in a $500 million collateralized debt obligation that eventually were wiped out. Quicken … Continue reading

December 7, 2015

Equitable Subrogation in Mortgage Refinancing

By David Reiss

I am speaking on Equitable Subrogation in Mortgage Refinancing and Land Purchase Transactions in an ABA Professor’s Corner webinar on Wednesday with Professor Wilson Freyermuth of the University of Missouri School of Law. If this sounds like an esoteric topic, it is! … Continue reading

December 3, 2015

Reps and Warranties Mean What They Say

By David Reiss

The New York Appellate Division, 1st Department, issued a ruling in Bank of New York Mellon v. WMC Mortgage, 654464/12 (Dec. 1, 2015) that stands for the proposition that representations and warranties regarding mortgage-backed securities mean what they say and say … Continue reading