April 25, 2013
S&P Myth #1: No One Could Have Known
S&P filed its Memorandum in Support of Defendants’ Motion To Dismiss the DoJ lawsuit filed back in February. The memorandum states that S&P’s inability, along with other market participants, “to predict the extent of the most catastrophic meltdown since the … Continue reading
April 25, 2013 in Upstream litigation | Permalink | No Comments
April 24, 2013
Supreme Court of New York County Rules Against Credit Suisse’s Motion to Dismiss MBS Investor Suit
In Stichting Pensioenfonds ABP v. Credit Suisse Group AG, 2012 WL 6929336 (N.Y.Sup. Nov. 30, 2012), the Supreme Court in New York County ruled that the lawsuit against Credit Suisse related to sales of MBS would proceed. The court denied Credit Suisse’s motion … Continue reading
April 24, 2013 in Upstream litigation | Permalink | No Comments
April 18, 2013
Judiciary’s Take on the Subprime Zeitgeist
The 2nd Circuit’s opinion in FHFA v. UBS Americas Inc. et al. (April 5, 2013, No. 12-3207-cv) offers an interesting window into how at least some members of the judiciary understand the Subprime Crisis. On its face, the case was … Continue reading
April 18, 2013 in Upstream litigation | Permalink | No Comments
April 16, 2013
Be Careful What You Contract For . . .
Justice Ramos of the Commercial Division of the New York State Supreme Court NY County) issued an opinion in Assured Guar. Corp. v. EMC Mtge., LLC, 2013 NY Slip Op. 50519(U) (April 4, 2013). Assured, a monoline insurer, “alleges that … Continue reading
April 16, 2013 in Upstream litigation | Permalink | No Comments
April 5, 2013
Reiss on Mortgage Insurance Probe, Again
American Banker also ran a story on the settlement, Lenders Likely Next Target in CFPB Reinsurance Kickback Probe (paywall) that includes an interview with me: WASHINGTON – The Consumer Financial Protection Bureau’s enforcement actions against four large mortgage insurers are … Continue reading
April 5, 2013 in Upstream litigation | Permalink | No Comments
Reiss on Mortgage Insurance Probe
Law360 interviewed me in Lenders Face Hefty Fines in CFPB Mortgage Insurance Probe (paywall) about the recent $15 million settlement with four mortgage insurers. It reads in part: The Consumer Financial Protection Bureau’s $15.4 million settlement Thursday with four mortgage … Continue reading
April 5, 2013 in Upstream litigation | Permalink | No Comments
April 1, 2013
Motion to Dismay
A recent Opinion and Order by Judge Forrest (SDNY) in IBEW Local 90 Pension Fund v. Deutsche Bank AG gives hints of some of the challenges facing plaintiffs in cases alleging misrepresentations and a scheme to defraud investors. Like many … Continue reading
April 1, 2013 in Upstream litigation | Permalink | No Comments
