Reiss on BoA-FHFA Settlement

Posted by & filed under Government lawsuits.

Inside The GSEs quoted me in BofA MBS Lawsuit Settlement Shrinks List of FHFA Defendants (behind a paywall). It reads, It’s only a matter of time before the remaining big bank defendants settle lawsuits filed by the Federal Housing Finance Agency over billions in non-agency mortgage-backed securities sold to Fannie Mae and Freddie Mac in… Read more »

Reiss on Dimming of FIRREA

Posted by & filed under Government lawsuits.

Inside MBS & ABS quoted me in Judge Recommends Dismissal of DOJ’s Fraud Case Against BofA, But It May Not End FIRREA Claims (behind paywall). It reads, A North Carolina federal magistrate has recommended that a Justice Department fraud case against Bank of America be dismissed, but he also said a separate Securities and Exchange… Read more »

GSE Litigation Through Corporate Law Lens

Posted by & filed under 2013, Class Action Litigation, Government lawsuits, Investor lawsuits.

Adam Badawi and Anthony Casey have posted The Fannie and Freddie Bailouts Through the Corporate Lens to SSRN. The paper takes a look at the bailouts as if they were simple insolvent private firms. This is a helpful thought experiment even though the two federally chartered and heavily regulated firms are anything but simple, private… Read more »

Reiss on Snuffing out FIRREA

Posted by & filed under Government lawsuits.

Law360 quoting me in BofA Fight Won’t Blunt DOJ’s Favorite Bank Fraud Weapon (behind a paywall). It reads in part, A federal magistrate judge on Thursday put a Justice Department case against Bank of America Corp. using a fraud statute from the 1980s in peril, but the case’s limited scope means the government is not… Read more »

Is $50 Billion of Mortgage Relief Enough?

Posted by & filed under Government lawsuits, Upstream litigation by date.

The National Mortgage Settlement Monitor issued his Final Crediting Report. The report states that In total, the servicers have provided more than $50 billion of gross dollar relief, which translates into more than $20 billion in credited relief under the Settlement’s scoring system. More than 600,000 families received some form of relief under the Settlement…. Read more »

No Justice for Mortgage Fraud

Posted by & filed under Government lawsuits.

The Audit Division of the Department of Justice’s Office of the Inspector General has issued an Audit of the Department of Justice’s Efforts to Address Mortgage Fraud.  One word for it — DEPRESSING: The Department’s inability to accurately collect data about its mortgage fraud efforts was starkly demonstrated when we sought to review the Distressed… Read more »

Reiss on Fannie/Freddie Suits

Posted by & filed under Class Action Litigation, Government lawsuits, Investor lawsuits, Upstream litigation media coverage.

Bloomberg BNA quoted me in No Basis for Discovery by GSE Investors, Treasury Department, FHFA Memos Say. It reads [Reproduced with permission from BNA’s Banking Report, 102 BBR 417, 3/11/14. Copyright  2014 by The Bureau of National Affairs, Inc. (800-372-1033) http://www.bna.com] The Treasury Department and the Federal Housing Finance Agency March 4 said a… Read more »