March 26, 2015

FIRREA Wall

By David Reiss

Courts have read the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) very broadly, giving the federal government a powerful weapon in its lawsuits against financial institutions regarding events relating to the financial crisis. Judge Swain (SDNY) has … Continue reading

March 13, 2015

Reiss on Toxic Debt Claims

By David Reiss

Bloomberg quoted me in Nomura First to Fight U.S. Toxic Debt Claims at Trial. The article reads in part, Nomura Holdings Inc. will defend claims by a U.S. regulator that it sold defective mortgage-backed securities to Fannie Mae and Freddie Mac … Continue reading

February 23, 2015

Monday’s Adjudication Roundup

By Shea Cunningham

Federal judge reprimands Wells Fargo for forged mortgage documents in connection with foreclosure in NY. Goldman Sachs, among others, argues to SDNY that it was wrongfully included in litigation over requiring mortgage customers to purchase force-placed insurance and taking kickbacks. … Continue reading

February 13, 2015

Reiss on $1.5B S&P Settlement

By David Reiss

Westlaw Journal Derivatives quoted me in S&P Settles Fraud Suits for $1.5 Billion. The story reads in part, Standard & Poor’s has agreed to pay $1.5 billion to settle lawsuits filed by the U.S. Department of Justice, 19 states and … Continue reading

February 3, 2015

Reiss on Financial Crisis Litigation

By David Reiss

Law360 quoted me in Feds’ Moody’s Probe Marks Closing Of Financial Crisis Book (behind a paywall). It opens, A reported investigation into Moody’s Investors Service’s ratings of residential mortgage-backed securities during the housing bubble era could be the beginning of … Continue reading

January 26, 2015

Are Billions Enough?

By David Reiss

Jenner & Block has issued the Citi Monitorship First Report. By way of background, The Settlement Agreement resolved potential federal and state legal claims for violations of law in connection with the packaging, marketing, sale, structuring, arrangement, and issuance of … Continue reading

December 23, 2014

Reiss on Ocwen Settlement

By David Reiss

Law360 quoted me in New York’s Ocwen Deal Sets Tough Precedent For Regulators (behind a paywall). It reads in part, New York regulators ordered Ocwen Financial Corp. to pay $150 million in hard cash and barred the company from claiming … Continue reading