On March 5, 2009, the U.S. House of Representatives passed H.R. 1106, also known as the “Helping Families Save Their Homes Act of 2009,” which threatens to override the contract rights of bondholders who invested in mortgage-backed securities (MBS). A … 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
The American Lawyer has reported that two important rulings were handed down earlier this month in the United States District Court in Los Angeles denying motions to dismiss class actions against former mortgage behemoths Countrywide and New Century. The Countrywide … 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
Greenwich Financial Services CEO William Frey and his attorney, David Grais, of Grais & Ellsworth LLP appeared on Fox News on Tuesday to answer questions about their lawsuit against Countrywide (see other postings on this story). In the segment, linked … Continue reading
An article published on Monday in Business Week (available here) sheds some additional light on the lawsuit filed by Hedge Fund Greenwich Financial Services against Countrywide challenging its agreement to conduct large-scale loan modifications (previously discussed here, here, and here). … Continue reading
