July 5, 2013
BofA No Worm Ouroboros
The Worm Ouroboros of myth was a gigantic serpent that encircled the earth only to bite its own tail. Judge Sweet (SDNY) has ruled that Bank of America is no modern-day Ouroboros that is so enormous that it must sue … Continue reading
July 5, 2013 in Upstream litigation | Permalink | No Comments
July 3, 2013
More Misrepresentations, More Litigation
Judge Pfaelzer (C.D. Cal.) issued an order in American International Group Inc. v. Bank of America Corp., No. 2:11-CV-10549 (May 6, 2013), which allowed AIG to proceed with its claim that it was fraudulently induced to buy MBS by Countrywide … Continue reading
July 3, 2013 in Upstream litigation | Permalink | No Comments
June 28, 2013
BoA Claws Back Clawback
New York County Supreme Court Justice Bransten held, in U.S. Bank National v. Countrywide Home Loans, Inc., no. 652388-2011 (May 29, 2013), that a trustee cannot succeed in getting the defendants (Countrywide entities among others) to repurchase all of the … Continue reading
June 28, 2013 in Upstream litigation | Permalink | No Comments
June 27, 2013
Casting Light on the Shadow Docket
New York Attorney General Schneiderman’s lawsuit against various HSBC entities, New York v. HSBC Bank USA et al., No. 2013-1660 (May 31, 2013), alleges that HSBC entities have sent hundreds or thousands of NY households into legal limbo because they … Continue reading
June 27, 2013 in Upstream litigation | Permalink | No Comments
June 25, 2013
National Mortgage Settlement: Not Too Compliant
The Summary of Compliance: A Report from the Monitor of the National Mortgage Settlement documents just how hard it is for the big five mortgage servicers (ResCap parties (formerly Ally/GMAC), Bank of America, Citi, JPMorgan Chase and Wells Fargo) to … Continue reading
June 25, 2013 in Upstream litigation | Permalink | No Comments
June 24, 2013
Investor HERA-sy
As I have previously noted, Fannie and Freddie investors have filed a complaint, Washington Federal et al. v. U.S.A., No. 1:13-cv-00385-MMS (June 10, 2013), alleging that the federal government “expropriated [Fannie and Freddie’s] common and preferred shareholders’ rights and the … Continue reading
June 24, 2013 in Upstream litigation | Permalink | No Comments
June 21, 2013
Fannie and Freddie Myth-Statement
Fannie Mae and Freddie Mac’s investors have sued the federal government in Washington Federal v. United States, No. 1:13-00385 (June 10, 2013), for how it bailed out the two companies and thereby the nation’s housing market at the expense of … Continue reading
June 21, 2013 in Upstream litigation | Permalink | No Comments
