BlackRock, a major asset management firm and one of the largest investors in U.S. mortgage bonds, announced last week that banks would have to absorb the losses on their holdings in second-lien mortgages before it would resume purchasing “private-label” mortgage … Continue reading
With lawsuits against servicers grinding a slow path through the court system, investors are looking to make an end-run around the intransigent banks who are refusing to service mortgages in accordance with bondholder wishes. Their solution to break through the … Continue reading
With Greenwich Financial v. Countrywide having been remanded to New York state Supreme Court, Countrywide has now filed a Motion to Dismiss, arguing that Greenwich Financial’s Complaint is barred by the operative securitization agreements. As discussed in several prior posts, … Continue reading
I am excited to report that FinReg21, a leading website on financial services regulation, has published a feature-length article by me, entitled Why Should Servicers Get a Safe Harbor? How One Investor’s Lawsuit Forced Bank of America to Seek Shelter … Continue reading
An article published in the Wall St. Journal this week by Stan Liebowitz posits a purportedly new take on the causes of the mortgage meltdown. Liebowitz’s analysis of recent data on millions of individual loans published by McDash Analytics, a … Continue reading
On Monday, New York law firm Grais & Ellsworth jumped into the legal blogosphere with a new law blog on the fallout from the subprime mortgage crisis entitled “The ABS Investor Advocate.” According to named partner David Grais, the blog’s … Continue reading
