August 14, 2013
Regression Aggression: Statistics and Disparate Impact
The Third Circuit affirmed, in Rodriguez et al. v. National City Bank et al., No. 11-8079 (Aug. 12, 2013), the denial of final approval “of the parties’ proposed settlement and certification of the settlement class” in a mortgage loan discrimination … Continue reading
August 14, 2013 in Upstream litigation | 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 Upstream litigation | 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 Upstream litigation | Permalink | No Comments
August 7, 2013
Racial Discrimination in the Secondary Mortgage Market
Judge Baer issued an opinion in Adkins et al. v. Morgan Stanley et al., No 1:12-cv-07667 (July 25, 2013), denying Morgan Stanley’s motion to dismiss the plaintiff-homeowners’ Fair Housing Act claims. The homeowners claimed “that Morgan Stanley’s policies and practices … Continue reading
August 7, 2013 in Upstream litigation | 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 Upstream litigation | 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 Upstream litigation | 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 Upstream litigation | Permalink | No Comments
