July 6, 2015
Monday’s Adjudication Roundup
Quicken Loans Inc. argues that its suit against the federal government is valid because it is more than just a fraud case. It claims that it is about broader issues with government housing programs. A class action suit against JPMorgan … Continue reading
July 6, 2015 in Securities and Exchange Commission | Permalink | No Comments
June 15, 2015
Monday’s Adjudication Roundup
The CFPB increased PHH Corp.’s penalty to $109 million from $6.4 million on appeal, while upholding an administrative judge’s ruling that the firm was involved in a mortgage insurance kickback scheme. A class of PHH borrowers have been granted cert … Continue reading
June 15, 2015 in Securities and Exchange Commission | Permalink | No Comments
June 10, 2015
Reiss on EB-5 Green Card Reform
GlobeSt.com quoted me in Congress Moves to Revamp EB-5. It reads in part, Last week Senate Judiciary Committee Chairman Chuck Grassley and ranking member Senator Patrick Leahy introduced bipartisan legislation to reauthorize and reform the EB-5 Regional Center program. This did … Continue reading
June 10, 2015 in Securities and Exchange Commission | Permalink | No Comments
April 20, 2015
Monday’s Adjudication Roundup
Former Freddie Mac executives, who were accused of lying about Freddie’s exposure to subprime mortgages before the financial crisis, settled with the SEC. Citibank shareholders slam the Bank’s motion to dismiss a case over mortgage-backed securities worth more than $17 … Continue reading
April 20, 2015 in Securities and Exchange Commission | Permalink | No Comments
February 2, 2015
Monday’s Adjudication Roundup
S&P agrees to settlement of $58 million for fraudulent ratings on commercial mortgage-backed securities. SEC order regarding violations of Section 17(a)(1) of the Securities Act, Section 15E(c)(3) of the Exchange Act, and Exchange Act Rules 17g-2(a)(2)(iii) and 17g-2(a)(6). $6.2 million … Continue reading
February 2, 2015 in Securities and Exchange Commission | Permalink | No Comments
January 9, 2015
S&P’s Upbeat Outlook on Mortgage Market
S&P posted U.S. RMBS Roundtable: Mortgage Origination And Securitization In The Post-Qualified Mortgage/Ability-To-Repay Market. The roundtable discussion offers views on many aspects of the 2015 mortgage market, but I found this passage to be particularly interesting: Originators agreed loans that … Continue reading
January 9, 2015 in Securities and Exchange Commission | Permalink | No Comments
November 21, 2014
Does Morningstar Speak with Forked Tongue?
Morningstar Credit Ratings, a small Nationally Recognized Statistical Rating Organization (albeit a subsidiary of Morningstar, the large investment research firm), has issued a Structured Credit Ratings Commentary on Rating Shopping in Asset Securitization Markets. It finds that Rating shopping is … Continue reading
November 21, 2014 in Securities and Exchange Commission | Permalink | No Comments
