August 26, 2014

Regulating Fannie and Freddie With The Deal

By David Reiss

Steven Davidoff Solomon and David T. Zaring have posted After the Deal: Fannie, Freddie and the Financial Crisis Aftermath to SSRN. The abstract reads, The dramatic events of the financial crisis led the government to respond with a new form … Continue reading

August 15, 2014

Here: Complaint in Louise Rafter et al. v. U.S.

By David Reiss

Here is a copy of the Complaint in Louise Rafter et al. v. U.S., Pershing Square’s Takings case in the U.S. Court of Federal Claims. I will blog about it later, but thought that some might want to see it … Continue reading

August 5, 2014

Offering Opinions About MBS Exposure

By David Reiss

The Tenth Circuit issued an opinion in MHC Mutual Conversion Fund, L.P. v. Sandler O’Neill & Partners, L.P. et al. (No. 13-1016 Aug. 1, 2014). The case concerns a 2009 stock offering by Bancorp. Bancorp was significantly exposed to mortgage-backed … Continue reading

July 18, 2014

GSE Shareholders Taking Discovery

By David Reiss

Judge Sweeney of the Court of Federal Claims issued an Opinion and Order regarding jurisdictional discovery as well as a related Protective Order in the GSE Takings Case brought by Fairholme against the United States.  I had previously discussed the … Continue reading

June 25, 2014

S&P on Risky Reps and Warranties

By David Reiss

Standard & Poor’s posted New Players In The RMBS Market Could Present Unique Representations And Warranties Risks. It opens, S&P believes that new entrants into the residential mortgage-backed securitization (RMBS) market that make loan-level representations and warranties (R&Ws) may present … Continue reading

June 3, 2014

Discovery War in GSE Litigation

By David Reiss

The United States filed a motion for a protective order in the Fairholme Funds case in the Court of Federal Claims (the Fairholme Takings case). You may not be familiar with protective orders. By way of background, Federal Rule of … Continue reading

June 2, 2014

More on GSE Litigation

By David Reiss

Inside Mortgage Finance did a longer story on the GSE litigation that profiled my take on it, Expert: GSE Shareholder Suits at ‘Early Stage’ of a Long Process; Litigation No Barrier to Dissolution, Says Group. Look for the various lawsuits … Continue reading