September 17, 2013
Moody Misrepresentation
Judge Daniels (SDNY) granted Moody’s motion for summary judgment in In re Moody’s Corporation Securities Litigation, No. 07 Civ. 8375 (Aug. 23, 2013). This is a big win for Moody’s, but I did find the following passage striking in its … Continue reading
September 17, 2013 in Upstream litigation | Permalink | No Comments
September 16, 2013
Misrepresentation and Wholesale Misrepresentation
Federal Judge Lungstrum (D. Kan.) issued a Memorandum and Order in National Credit Union Administrative Board v. RBS Securities, Inc. et al., No. 11-2340 (Sept. 12, 2013). The Board, as conservator and liquidating agent of the U.S. Central Federal Credit … Continue reading
September 16, 2013 in Upstream litigation | Permalink | No Comments
September 13, 2013
Round One to California in Suit Against S&P
California Superior Court Judge Karnow issued a Memorandum Order Overruling Defendants’ Demurrers in California v. The McGraw-Hill Cos. et al., CGC-13-528491 (Aug. 14, 2013 San Francisco County). California Attorney General Harris alleged “that S&P intentionally inflated its ratings for … Continue reading
September 13, 2013 in Upstream litigation | Permalink | No Comments
September 10, 2013
Borden and Reiss on High-Stakes MBS Litigation
Brad and I posted Goliath Versus Goliath in High-Stakes MBS Litigation on SSRN (and BePress). The abstract reads, The loan-origination and mortgage-securitization practices between 2000 and 2007 created the housing and mortgage-backed securities bubble that precipitated the 2008 economic crisis … Continue reading
September 10, 2013 in Upstream litigation | Permalink | No Comments
August 27, 2013
Whither The Housing Trust Fund?
As part of my review of the litigation surrounding the newly-profitable Fannie And Freddie (here, here, here and here), I turn to the complaint filed by “extremely low income tenants in desperate need of affordable housing” and the National Low … Continue reading
August 27, 2013 in Upstream litigation | Permalink | No Comments
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 Upstream litigation | Permalink | No Comments
August 16, 2013
Stalled Foreclosures in NY Not a Violation of Federal Law
Judge Townes (EDNY) dismissed a putative class action, Cole v, Baum, 11-cv-3779 (July 11, 2013), against notorious foreclosure mill Steven J. Baum, P.C. and its principal relating to their failure to submit filings that would have triggered mandatory settlement conferences … Continue reading
August 16, 2013 in Upstream litigation | Permalink | No Comments
