REFinBlog

February 8, 2013

More on DoJ’s S&P Complaint

I highlighted some of the juicy bits of the complaint a few days ago.  There has been a lot of discussion of the suit and related issues.  Here is my two cents’ worth. FIRREA, an untested enforcement statute, has gone … Continue reading →

February 6, 2013

$127 Million LPS Robo-Signing Settlement with 47 A.G.s

The Lender Processing Services, Inc. press release is here. The $2.5 million Michigan settlement relating to the overall total $127 million settlement can be found here.  In the Michigan settlement, LPS did not admit “any violation of law.” (2)  Nonetheless, … Continue reading →

Massachusetts Superior Court Holds that Assignee of Residential Mortgage Backed Securities has Standing to Seek Statutory Damages

In Cambridge Place Inv. Mgmt., Inc. v. Morgan Stanley & Co., No. 10-2741-BLS1, 2012 WL 5351233, at *20 (Mass. Super. Ct. Suffolk Co. Sept. 28, 2012), the Superior Court of Massachusetts held that Cambridge Place Investment Management, Inc. (CPIM), as … Continue reading →

February 5, 2013

S&P Complaint, Bombshell upon Bombshell!

DoJ’s complaint is chock full of interesting allegations.  Previous critiques of the rating agencies rehashed a handful of embarrassing emails that made their way into an SEC staff report a few years ago (“It could be structured by cows and … Continue reading →

February 1, 2013

SEC Complaint on Improper Trading of MBS — Much Ado?

Floyd Norris, the only journalist to whom I have written fan mail (sorry Gretchen, you’re next), has another interesting column about a case that the SEC has brought against an MBS trader, Jesse Litvak.  The complaint alleges that On numerous … Continue reading →

January 31, 2013

FDIC Lawsuit against Bank Directors

The FDIC has filed a lawsuit (hat tip LaCroix by way of April Charney) against the officers and directors of a small bank in New Mexico alleging negligence, gross negligence and breaches of fiduciary duties.  The FDIC alleges that the … Continue reading →

January 16, 2013

Rating Agency Liability The Wide World Over

Haar has posted a draft of Civil Liability of Credit Rating Agencies – Regulatory All-or-Nothing Approaches between Immunity and Over-Deterrence. This paper helps to fill in a gap in the literature about potential liability of rating agencies across the globe.  … Continue reading →