March 5, 2014
What $4 Billion Does for Homeowners
Enterprise released a Policy Focus on What the JPMorgan Chase Settlement Means for Consumers: An Analysis of the $4 Billion in Consumer Relief Obligations. It opens, On November 19, 2013, JPMorgan Chase reached a record-setting settlement deal with the federal … Continue reading
March 5, 2014 in Government lawsuits | Permalink | No Comments
February 25, 2014
FIRREA Does the Hustle
Judge Rakoff has issued another Opinion in U.S. v. Countrywide Fin. Corp. et al., 12 Civ. 1422 (Feb. 17, 2014). Rakoff reconfirms his broad reading of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), which covers fraudulent behavior that … Continue reading
February 25, 2014 in Government lawsuits | Permalink | No Comments
February 19, 2014
Reiss in Bloomberg on CS Lawsuit
Bloomberg quoted me in Credit Suisse Waits for $11 Billion Answer in N.Y. Fraud Suit. It reads in part, As Credit Suisse Group AG (CSGN) sees it, time has run out on New York Attorney General Eric Schneiderman’s pursuit of … Continue reading
February 19, 2014 in Government lawsuits | Permalink | No Comments
January 22, 2014
S&P’s Fightin’ Words
S&P filed a memorandum in support of its motion to compel discovery in the FIRREA case that the United States brought against S&P last year. S&P comes out fighting in this memorandum, arguing that the “lawsuit is retaliation for S&P’s … Continue reading
January 22, 2014 in Government lawsuits | Permalink | No Comments
December 27, 2013
Individual Liability for RMBS Misrepresentations
Judge Cote (SDNY) issued an Opinion and Order in Federal Housing Finance Agency v. HSBC North America Holdings Inc, et al., 11-cv-06201 (Dec. 10, 2013). The opinion relates to the potential liability of individuals who signed various documents containing alleged … Continue reading
December 27, 2013 in Government lawsuits | Permalink | No Comments
December 9, 2013
National Mortgage Settlement Update
Joseph A. Smith, Jr., the Monitor of the National Mortgage Settlement (NMS), has issued his Second Compliance Report (I blogged about an earlier report here) which has been filed in the District Court for the District of Columbia. According to … Continue reading
December 9, 2013 in Government lawsuits | Permalink | No Comments
November 25, 2013
Doing Justice with the $13B JPMorgan Settlement
I have posted a couple of items on this massive settlement (here and here). This should be my last one. Perhaps I am ungrateful, but the Statement of Facts agreed upon by the Department of Justice and JPMorgan Chase left … Continue reading
November 25, 2013 in Government lawsuits | Permalink | No Comments
