June 20, 2013
Servicing Fraud Claim Survives Motion To Dismiss
Judge Gonzalez Rogers issued an opinion in Ellis v. J.P. Morgan Chase, No. 4:12-cv-03897-YGR (N.D. Cal. June 13, 2013) in which she denied a motion to dismiss a fraud claim in this class action lawsuit arising from Chase’s servicing business. … Continue reading
June 20, 2013 in Upstream litigation | Permalink | No Comments
June 19, 2013
The Devil is in the Statute of Limitations
NY Supreme Court Justice Kornreich (N.Y. County) issued an opinion ACE Securities Corp. v. DB Structured Products Inc., No. 650980/2012 (May 13, 2013) that diverges in approach from an earlier SDNY opinion as to whether the statute of limitations runs … Continue reading
June 19, 2013 in Upstream litigation | Permalink | No Comments
May 30, 2013
Standard & Poor Puffery
The Department of Justice filed its opposition to S&P’s Motion to Dismiss the federal government’s FIRREA lawsuit. At this stage of the litigation, it appears as if the key issue is whether S&P’s alleged misrepresentations about its business practices are … Continue reading
May 30, 2013 in Upstream litigation | Permalink | No Comments
May 24, 2013
Reiss on the Ethics of Subprime Lending
Fordham Law School is sponsoring an event on The Mortgage Crisis – Five Years Later on June 3rd. I will be speaking about the ethics of subprime lending on the second panel. The speakers are Panel 1: The Mortgage … Continue reading
May 24, 2013 in Upstream litigation | Permalink | No Comments
May 13, 2013
Underwater Domain
The securitization industry is still fighting tooth and nail against the proposal to use the power of eminent domain to acquire underwater mortgages from private-label mortgage-backed security trusts. Four California towns are considering working with Mortgage Resolution Partners LLP to … Continue reading
May 13, 2013 in Upstream litigation | Permalink | No Comments
May 9, 2013
FIRREA Flies
Law360 interviewed me about the federal government’s continuing reliance on FIRREA in Prosecutors Get Last Laugh In $1B BofA Fraud Case (behind a paywall): A controversial legal theory at the heart of a $1 billion mortgage fraud suit against Bank … Continue reading
May 9, 2013 in Upstream litigation | Permalink | No Comments
May 7, 2013
Reiss on FIRREA!
Law360 quoted me in a story, Rakoff Ruling In $1B BofA Case May Halt DOJ Hot Streak, that reflects some judicial skepticism about the federal government’s broad reading of FIRREA: Prosecutors have seized on an obscure 1989 law to launch … Continue reading
May 7, 2013 in Upstream litigation | Permalink | No Comments
