REFinBlog

Editor: David Reiss
Cornell Law School

February 1, 2013

SEC Complaint on Improper Trading of MBS — Much Ado?

By David Reiss

Floyd Norris, the only journalist to whom I have written fan mail (sorry Gretchen, you’re next), has another interesting column about a case that the SEC has brought against an MBS trader, Jesse Litvak.  The complaint alleges that On numerous … Continue reading

January 31, 2013

FDIC Lawsuit against Bank Directors

By David Reiss

The FDIC has filed a lawsuit (hat tip LaCroix by way of April Charney) against the officers and directors of a small bank in New Mexico alleging negligence, gross negligence and breaches of fiduciary duties.  The FDIC alleges that the … Continue reading

January 11, 2013

Before The Next Crisis: Now’s The Time to Rethink The Martin Act

By David Reiss

The Martin Act, New York State’s far-reaching securities fraud statute, has been a powerful tool for New York law enforcement officials to pursue wrongdoing by financial institutions.  It has a broad definition of fraud and a long statute of limitations. … Continue reading

January 9, 2013

FIRREA as a Mortgage Lending Enforcement Tool

By David Reiss

William Johnson of the Fried, Frank law firm has an interesting analysis of enforcement cases that invoke the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) which is unfortunately behind the NYLJ paywall. Johnson discusses the history of … Continue reading

December 17, 2012

NCUA Sues JP Morgan over MBS Representations

By David Reiss

The National Credit Union Administration has sued J.P. Morgan Securities and Bear, Stearns & Co. for alleged securities laws violations relating to the sale of mortgage-backed securities to 4 credit unions that are now in NCUA conservatorship.  According to the … Continue reading