The ramifications of the Mortgage Crisis are being felt on this Election Day 2010, as the issues of foreclosures, loan modifications and MBS-related losses to pensionholders’ portfolios are being brought to the forefront in some key political battles. As a … Continue reading
In a move that could have dramatic consequences for the financial stability of Bank of America (BofA), a New York state court judge has held that monoline bond insurer MBIA can go forward with claims that BofA be held vicariously … Continue reading
In another unexpected twist in the fight over the cost of loan modifications, the Stamford Times and the Greenwich Time have reported that protesters converged outside the home of Greenwich Financial Services CEO William Frey on February 8 to protest … Continue reading
One of the most interesting stories we’ve been following in the world of mortgage crisis litigation has been the lawsuit filed by Greenwich Financial Services CEO William Frey against Countrywide Financial Corp., Countrywide Home Loans, Inc. and Countrywide Home Loans … Continue reading
Pennsylvania Attorney General Tom Corbett, whose office spent several months investigating deceptive mortgage practices alleged against Countrywide and its affiliates, has announced that Pennsylvania has joined the $8 billion settlement announced in October with Attorneys General from now over thirty … Continue reading
On January 19, 2009, Eric Posner from the Volokh Conspiracy cited to the Subprime Shakeout in his article entitled “Why should the government buy toxic assets?” The post addressed the idea of an “Aggregator Bank” that would acquire the mortgage-backed … Continue reading
In a peculiar turn of events, Countrywide Financial has attempted to address the recently-filed lawsuit against it by Greenwich Financial Services with an age-old strategy of conflict resolution: just ask nicely. As reported by Reuters, Countrywide attorney John Beisner, from … Continue reading
After reviewing the Complaint filed by hedge fund Greenwich Financial Services against Countrywide and BofA and listening to the comments made last week by Greenwich CEO William Frey and his attorney regarding the case, I decided to take a closer … Continue reading
Here is the Complaint brought by Grais & Ellsworth on behalf of hedge fund Greenwich Financial Services against Countrywide Financial Corp., Countrywide Home Loans, Inc. and Countrywide Home Loans Servicing LP (all now part of Bank of America) in the … Continue reading
As anticipated and previously discussed (see last week’s post), a hedge fund has indeed sued Countrywide Financial Corporation (now a part of Bank of America) over loan modifications Countrywide agreed to make under the terms of a settlement reached with … Continue reading
