September 13, 2013
Round One to California in Suit Against S&P
California Superior Court Judge Karnow issued a Memorandum Order Overruling Defendants’ Demurrers in California v. The McGraw-Hill Cos. et al., CGC-13-528491 (Aug. 14, 2013 San Francisco County). California Attorney General Harris alleged “that S&P intentionally inflated its ratings for … Continue reading
September 13, 2013 in 2013 | Permalink | No Comments
August 27, 2013
Whither The Housing Trust Fund?
As part of my review of the litigation surrounding the newly-profitable Fannie And Freddie (here, here, here and here), I turn to the complaint filed by “extremely low income tenants in desperate need of affordable housing” and the National Low … Continue reading
August 27, 2013 in 2013 | Permalink | No Comments
August 20, 2013
Judge Rakoff Is All FIRREA-ed Up
Law360 quoted me in a story, Rakoff Gives DOJ License To Be Bold In Bank Crackdown (behind a paywall), that reads in part, U.S. District Judge Jed S. Rakoff’s expansive Monday opinion backing the federal government’s $1 billion mortgage fraud … Continue reading
August 20, 2013 in 2013 | Permalink | No Comments
August 16, 2013
Stalled Foreclosures in NY Not a Violation of Federal Law
Judge Townes (EDNY) dismissed a putative class action, Cole v, Baum, 11-cv-3779 (July 11, 2013), against notorious foreclosure mill Steven J. Baum, P.C. and its principal relating to their failure to submit filings that would have triggered mandatory settlement conferences … Continue reading
August 16, 2013 in 2013 | Permalink | No Comments
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 2013 | 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 2013 | 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 2013 | Permalink | No Comments
