August 24, 2018
GSE Shareholders Floored, Again
The United States Court of Appeals for the Eighth Circuit issued an opinion in Saxton v. FHFA (No. 17-1727, Aug. 23, 2018). The Eighth Circuit joins the Fifth, Sixth, Seventh and D.C. Circuits in rejecting the arguments of Fannie and … Continue reading
August 24, 2018 in Upstream litigation | Permalink | 1 Comment
June 12, 2018
Court Limits NY Attorney General’s Reach
Bloomberg quoted me in Credit Suisse Wins Narrowing of $11 Billion Suit, Martin Act. It opens, New York’s powerful anti-fraud weapon known as the Martin Act was crimped by the state’s highest court, which scaled back what was an $11 billion … Continue reading
June 12, 2018 in Upstream litigation | Permalink | No Comments
March 7, 2018
Ghost of A Crisis Past
The Royal Bank of Scotland settled an investigation brought by New York Attorney General Schneiderman arising from mortgage-backed securities it issued in the run up to the financial crisis. RBS will pay a half a billion dollars. That’s a lot … Continue reading
March 7, 2018 in Upstream litigation | Permalink | No Comments
March 7, 2017
Is $321 Billion The Right Amount?
The Boston Consulting Group has released its Global Risk 2017 report, Staying the Course in Banking. Buried in the report is Boston Consulting’s calculation of the amount of penalties paid by banks since the financial crisis: $321,000,000,000. The report states, … Continue reading
March 7, 2017 in Upstream litigation | Permalink | No Comments
August 16, 2016
Loan Mod Racketeering?
Bloomberg BNA Banking quoted me in BofA Must Face RICO Claims on Loan Modifications (behind paywall). It opens, Bank of America must face claims that it and another company violated federal anti-racketeering laws by denying loan modifications to eligible borrowers, a … Continue reading
August 16, 2016 in Upstream litigation | Permalink | No Comments
May 24, 2016
FIRREA Blanks
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
May 24, 2016 in Upstream litigation | Permalink | No Comments
April 18, 2016
Goldman’s $5B Mortgage Settlement: If They Only Knew
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
April 18, 2016 in Upstream litigation | Permalink | No Comments
