August 20, 2013
Judge Rakoff Is All FIRREA-ed Up
Law360 quoted me in a story, Rakoff Gives DOJ License To Be Bold In Bank Crackdown (behind a paywall), that reads in part, U.S. District Judge Jed S. Rakoff’s expansive Monday opinion backing the federal government’s $1 billion mortgage fraud … Continue reading
August 20, 2013 in Investor lawsuits | Permalink | No Comments
August 13, 2013
Originator’s Repurchase Obligation Triggered by Loans’ Purchaser Sole Discretion
Professors Wilson Freyermuth and Dale Whitman posted this summary of the Eighth Circuit’s opinion Residential Funding Co., LLC v. Terrace Mortg. Co., — F.3d —-, 2013 WL 4007552 (Aug. 7, 2013), to the DIRT listserv. Residential Funding held that held … Continue reading
August 13, 2013 in Investor lawsuits | Permalink | No Comments
August 8, 2013
Underwater Mortgages Eminent Domain Battle Gears up
I was quoted in a recent story in www.thestreet.com, Eminent Domain Mortgage Battle Is a Lose-Lose Situation. It reads in part, The move by Richmond, Calif., to seize “underwater mortgages” from private investors using its powers of eminent domain has drawn … Continue reading
August 8, 2013 in Investor lawsuits | Permalink | No Comments
August 6, 2013
MBS Representations Regarding Ratings Based on False Data Are Actionable
In Capital Ventures International v. UBS Securities LLC et al., No. 11-11937 (D. Mass. July 22, 2013), Judge Casper held that the inclusion of credit ratings based upon “false data” in offering materials for mortgage-backed securities “constitutes an actionable misrepresentation … Continue reading
August 6, 2013 in Investor lawsuits | Permalink | No Comments
July 29, 2013
Fannie/Freddie Take Down 3: Washington Federal v. The U.S. of A.
This should catch us up on the Fannie/Freddie preferred stock Takings litigation (see here and here for two other suits). Washington Federal et al. v. United States was filed June 10, 2013 and is a class action complaint. The theories … Continue reading
July 29, 2013 in Investor lawsuits | Permalink | No Comments
July 26, 2013
The Taking of Fannie and Freddie 2
Today, I look at one more complaint filed in response to the federal government’s amendment to its Preferred Stock Purchase Agreements with Fannie and Freddie (the PSPAs). Cacciapelle et al. v. United States, filed July 10, 2013, is another takings … Continue reading
July 26, 2013 in Investor lawsuits | Permalink | No Comments
July 25, 2013
Federal Government’s a Fairholme-weather Friend?
Following up on my posts (here and here) about other suits against the federal government over its amendment of the terms of the distribution of dividends and other payments by Fannie Mae and Freddie Mac, I now look at Fairholme … Continue reading
July 25, 2013 in Investor lawsuits | Permalink | No Comments
