Category Archives: putbacks

The Top 5 RMBS Cases to Watch this Summer: No. 1 – MBIA v. Countrywide, BofA

Posted on June 15, 2012 by Isaac Gradman

After a week-long build-up (I’m sure the suspense is killing you), we’ve reached the No. 1 case in our countdown of RMBS Cases to Watch this Summer.  You may wish to catch up with parts I, II, III, and IV, … Continue reading →

Posted in accounting, allocation of loss, appeals, Bank of New York, banks, BofA, bondholder actions, contract rights, costs of the crisis, Countrywide, damages, discovery, fraud, global settlement, impact of the crisis, incentives, investors, irresponsible lending, Judge Barbara Kapnick, Judge Eileen Bransten, Judicial Opinions, jury trials, lawsuits, lenders, lending guidelines, liabilities, litigation, litigation costs, loss causation, MBIA, MBS, media coverage, misrespresentation, monoline actions, monolines, mortgage fraud, private label MBS, putbacks, quinn emanuel, rep and warranty, repurchase, responsibility, RMBS, securitization, settlements, statutes of limitations, subprime, successor liability, The Subprime Shakeout, timeline, Trustees, underwriting guidelines, underwriting practices, vicarious liability | 4 Comments

The Top 5 RMBS Cases to Watch this Summer: No. 2 – In re the Application of Bank of New York Mellon

Posted on June 14, 2012 by Isaac Gradman

This is the fourth installment in my countdown of the Top 5 RMBS Cases to Watch this Summer.  Click on the following links to read parts I, II, and III.  Today, we address a case that is anything but typical, … Continue reading →

Posted in accounting, allocation of loss, Attorneys General, Bank of New York, banks, BofA, bondholder actions, conflicts of interest, contract rights, damages, discovery, Freddie Mac, global settlement, improper documentation, investors, Judge Barbara Kapnick, Judge William Pauley, Judicial Opinions, lawsuits, lending guidelines, liabilities, litigation, loan files, loss causation, MBIA, MBS, pooling agreements, private label MBS, putbacks, rep and warranty, repurchase, RMBS, securities, securitization, sellers and sponsors, settlements, timeline, too big to fail, Trustees, underwriting guidelines | Tagged , | 10 Comments

The Top 5 RMBS Cases to Watch this Summer: No. 3 – ABN AMRO Bank v. Dinallo (Article 78)

Posted on June 13, 2012 by Isaac Gradman

My Top 5 RMBS Cases to Watch series began earlier this week with a look at a long-running lawsuit by bond insurer Syncora against EMC and a novel investor lawsuit against Bank of New York Mellon, as Trustee, both of … Continue reading →

Posted in accounting, Alison Frankel, allocation of loss, appeals, Bank of New York, banks, bench trials, BlackRock, BofA, CDSs, conflicts of interest, contract rights, counterparty risk, Countrywide, Judge Barbara Kapnick, Judge Eileen Bransten, Judicial Opinions, lawsuits, MBIA, MBS, media coverage, monoline actions, monolines, putbacks, Regulators, rep and warranty, repurchase, RMBS, securitization, settlements, Trustees, valuation | 9 Comments

The Top 5 RMBS Cases to Watch this Summer: No. 4 – Retirement Board v. Bank of New York Mellon

Posted on June 12, 2012 by Isaac Gradman

Yesterday, I kicked off a countdown of the top 5 RMBS cases to watch this summer with a post about Syncora v. EMC and the impending summary judgment decision on loss causation.  Today, I’d like to talk about another case … Continue reading →

Posted in allocation of loss, appeals, Attorneys General, Bank of New York, bondholder actions, chain of title, Complaints, contract rights, costs of the crisis, fiduciary duties, improper documentation, investors, Judge William Pauley, Judicial Opinions, lawsuits, liabilities, litigation, litigation costs, MBS, motions to dismiss, pooling agreements, private label MBS, procedural hurdles, putbacks, responsibility, RMBS, SEC, securitization, TIA, Trustees | 8 Comments

The Top 5 RMBS Cases to Watch this Summer: No. 5 – Syncora v. EMC

Posted on June 11, 2012 by Isaac Gradman

As summer approaches and the weather turns warmer, RMBS litigation is also heating up, generating long-awaited precedent that will dictate how mortgage losses are likely to be allocated by the courts.  In order to keep my readers apprised on what … Continue reading →

Posted in Alison Frankel, allocation of loss, Bank of New York, banks, Bear Stearns, broader credit crisis, contract rights, costs of the crisis, Countrywide, emc, investors, JPMorgan, Judge Eileen Bransten, Judge Paul Crotty, Judicial Opinions, lawsuits, lending guidelines, liabilities, litigation, loss causation, loss estimates, monoline actions, monolines, mortgage market, private label MBS, putbacks, rep and warranty, repurchase, responsibility, RMBS, subprime, The Subprime Shakeout, Trustees, underwriting guidelines, underwriting practices | 12 Comments

MBIA on Winning Streak Heading into Trial on Restructuring Challenge

Posted on April 24, 2012 by Isaac Gradman

Monoline insurer MBIA, the most influential plaintiff in mortgage crisis litigation, has been on a roll lately in its lawsuits against Bank of America and other institutions over issues stemming from the subprime meltdown.  But MBIA will face its stiffest … Continue reading →

Posted in Alison Frankel, allocation of loss, appeals, bailout, Bank of New York, banks, bench trials, BofA, bondholder actions, CDOs, contract rights, costs of the crisis, Countrywide, damages, discovery, global settlement, Government bailout, investors, Judge Barbara Kapnick, Judge Eileen Bransten, Judicial Opinions, lawsuits, liabilities, litigation, loss causation, MBIA, MBS, media coverage, monoline actions, monolines, private label MBS, putbacks, Regulators, rep and warranty, reserve reporting, responsibility, RMBS, settlements, statistical sampling, subprime, successor liability, The Subprime Shakeout, Trustees | 6 Comments

Pauley Stirs the Pot: Federal Judge Still Making an Impact as BofA Settlement Approaches Critical Crossroads in State Court

Posted on April 18, 2012 by Isaac Gradman

On April 24, Judge Barbara Kapnick will hold a hearing in New York Supreme Court on whether Bank of American’s $8.5 billion settlement proposal should be evaluated under the restrictive Article 77 vehicle, or whether investors challenging the deal can … Continue reading →

Posted in appeals, Attorneys General, Bank of New York, banks, BofA, bondholder actions, class actions, conflicts of interest, Countrywide, discovery, Event of Default, global settlement, investors, Judge Barbara Kapnick, Judge William Pauley, Judicial Opinions, jurisdiction, lawsuits, liabilities, litigation, MBS, motions to dismiss, private label MBS, procedural hurdles, putbacks, remand, removability, repurchase, RMBS, SEC, securitization, servicer defaults, settlements, standing, Trustees, Walnut Place | 3 Comments

Guest Post: The Migratory Patterns of Yield-Hungry Investors

Posted on April 12, 2012 by Isaac Gradman

Editor’s Note: in this guest post, former bond insurance insider Steve Ruterman discusses important considerations for investing in private label MBS beyond credit risk analysis, including how investors can benefit from understanding the differences in servicer behavior and business models.  … Continue reading →

Posted in Attorneys General, bondholder actions, conflicts of interest, firing servicers, foreclosure rate, guest posts, hedge funds, incentives, investors, junior liens, loan modifications, loan seasoning, MBIA, MBS, moral hazard, mortgage market, pre-investment due diligence, private label MBS, projecting risk adjusted returns, putbacks, regulation, Regulators, servicer defaults, servicer reports, servicers, subprime | Leave a comment

New York Judge Strikes Blow to Investor Putback Claims

Posted on April 4, 2012 by Isaac Gradman

Update: it appears that Walnut Place has already filed an appeal of the dismissal of its lawsuit against BofA and Countrywide – IMG. Investors in Countrywide mortgage backed securities (MBS) were dealt a setback last Wednesday in their efforts to … Continue reading →

Posted in Alison Frankel, appeals, Bank of New York, banks, BofA, bondholder actions, conflicts of interest, contract rights, Countrywide, derivative lawsuits, Event of Default, global settlement, Greenwich Financial Services, hedge funds, incentives, investors, irresponsible lending, Judge Barbara Kapnick, Judicial Opinions, lawsuits, lending guidelines, litigation, MBS, motions to dismiss, pooling agreements, private label MBS, procedural hurdles, putbacks, rep and warranty, repurchase, research, RMBS, securitization, settlements, standing, Trustees, underwriting guidelines, underwriting practices, Walnut Place | 5 Comments

MBS Discovery Battles Heating Up, Impacting Litigation Timelines and Leverage

Posted on March 28, 2012 by Isaac Gradman

If litigation is war, then discovery is the hand-to-hand combat that takes place in the trenches, costing plenty and potentially having a major impact on the outcome of the war in the aggregate.  With most of the major MBS litigation … Continue reading →

Posted in Attorneys General, bad faith, Bank of New York, banks, BofA, bondholder actions, conflicts of interest, contract rights, Countrywide, discovery, fraud, global settlement, improper documentation, investors, lawsuits, liabilities, litigation, MBIA, MBS, misrespresentation, monoline actions, monolines, mortgage fraud, private label MBS, putbacks, remand, rep and warranty, repurchase, RMBS, securities, securitization, settlements, subprime, successor liability, Trustees | 8 Comments