Category Archives: putbacks

BREAKING: BoNY-BofA Settlement to Return to State Court After Second Circuit Reverses Pauley

Posted on February 27, 2012 by Isaac Gradman

Some rare good news for Bank of America: the Second Circuit just reversed the ruling of District Court Judge William Pauley in the highly-publicized $8.5 billion settlement between BofA, Bank of New York (BoNY), and Kathy Patrick’s institutional investors over … Continue reading →

Posted in appeals, Attorneys General, Bank of New York, banks, BofA, bondholder actions, CAFA, class actions, contract rights, discovery, fiduciary duties, global settlement, investors, Judicial Opinions, jurisdiction, lawsuits, liabilities, litigation, MBS, pooling agreements, private label MBS, procedural hurdles, putbacks, remand, removability, rep and warranty, repurchase, RMBS, securities, securitization, settlements, Trustees | 3 Comments

BlackRock Attorney to Face Stiffer Challenges to Next Set of MBS Settlements

Posted on January 31, 2012 by Isaac Gradman

(Updated version, including new 6th paragraph on subsequent announcement of larger probe into Morgan Stanley bonds) Having received copious kudos for engineering an $8.5 billion investor settlement with Bank of America over soured Countrywide residential mortgage backed securities (RMBS), “pitbull” … Continue reading →

Posted in Allstate, appeals, Attorneys General, Bank of New York, banks, BlackRock, BofA, bondholder actions, conflicts of interest, contract rights, Countrywide, emc, Event of Default, Federal Home Loan Banks, FHFA, global settlement, hedge funds, Investor Syndicate, investors, JPMorgan, jurisdiction, Kathy Patrick, lawsuits, lenders, liabilities, litigation, MBIA, MBS, Morgan Stanley, Philippe Selendy, press, private label MBS, putbacks, quinn emanuel, Regulators, remand, removability, rep and warranty, repurchase, RMBS, securities, securitization, settlements, standing, toxic assets, Wall St., Wells Fargo | 7 Comments

MBIA Celebrates Bransten Decision on Loss Causation; Bondholders Still Looking for Guidance

Posted on January 9, 2012 by Isaac Gradman

As loyal readers will recall, I laid it on the line a few weeks back and predicted that MBIA would win its loss causation argument against Countrywide/BofA, making the nation’s largest bank wish it had settled this bellwether piece of … Continue reading →

Posted in appeals, banks, BofA, bondholder actions, broader credit crisis, causes of the crisis, contract rights, damages, investors, Judge Jed Rakoff, Judicial Opinions, lawsuits, liabilities, litigation, loss causation, MBIA, MBS, misrespresentation, monoline actions, monolines, pooling agreements, private label MBS, putbacks, rep and warranty, repurchase, rescission, RMBS, securitization, statistical sampling, The Subprime Shakeout | 5 Comments

MBS Litigation Update: Why BofA Will Lose the Loss Causation Argument and Wish It Had Settled with MBIA

Posted on November 22, 2011 by Isaac Gradman

With all eyes in the mortgage litigation world glued to the pending decision on Partial Summary Judgment in MBIA v. Countrywide, et al., commentators are beginning to speculate that a settlement may be in the offing between the two MBS … Continue reading →

Posted in Alison Frankel, allocation of loss, Bank of New York, banks, BofA, branch hill capital, causes of the crisis, Countrywide, irresponsible lending, lawsuits, lenders, lending guidelines, liabilities, litigation, loss causation, MBIA, MBS, misrespresentation, motions to dismiss, Philippe Selendy, pooling agreements, private label MBS, putbacks, quinn emanuel, rep and warranty, repurchase, RMBS, securitization, statistical sampling, Uncategorized, underwriting practices | 10 Comments

Book Tour Day 1: Pessimism, Hope and Note Cards

Posted on November 8, 2011 by Isaac Gradman

My first day in New York City to promote the release of Way Too Big to Fail was a whirlwind, as expected.  I arrived into JFK at 6:00 AM and headed into Manhattan for my first stop at the Cornell … Continue reading →

Posted in Attorneys General, bailout, Dan Rather, due diligence firms, Government bailout, hedge funds, mortgage market, Neil Barofsky, putbacks, re-underwriting, Regulators, RMBS, securities, securities laws, securitization, TARP, The Subprime Shakeout, Timothy Geithner, too big to fail, Treasury, Wall St., Way Too Big to Fail, William Frey | Leave a comment

Release of “Way Too Big to Fail” Simply Opening Salvo in Efforts to Reform Mortgage Finance

Posted on November 7, 2011 by Isaac Gradman

It’s tempting when you have an enormous task before you to focus all of your attention on completing that task while blocking out any thoughts of what comes next.  For me, that enormous task has been the publication of a … Continue reading →

Posted in allocation of loss, appeals, Bank of New York, banks, BofA, bondholder actions, causes of the crisis, contract rights, Countrywide, discovery, FHFA, global settlement, investors, irresponsible lending, lawsuits, liabilities, litigation, lobbying, loss causation, MBIA, monoline actions, mortgage market, pooling agreements, private label MBS, putbacks, regulation, Regulators, remand, repurchase, RMBS, securitization, settlements, statistical sampling, successor liability, The Subprime Shakeout, Uncategorized, Way Too Big to Fail, William Frey | 1 Comment

BREAKING NEWS: Judge Determines BofA $8.5 bn Settlement Belongs in Federal Court

Posted on October 20, 2011 by Isaac Gradman

Though Bank of America (BofA) has taken its share of lumps over the past six months, this may be the one that leaves the biggest mark.  In an opinion issued today in the Southern District of New York (available here … Continue reading →

Posted in Bank of New York, banks, BofA, bondholder actions, class actions, conflicts of interest, contract rights, Countrywide, damages, fiduciary duties, global settlement, Grais and Ellsworth, Greenwich Financial Services, investors, lawsuits, litigation, loss estimates, MBS, pooling agreements, private label MBS, putbacks, remand, removability, repurchase, RMBS, securities, securities laws, securitization, settlements, The Subprime Shakeout, Trustees, Uncategorized, William Frey | 4 Comments

The Government Giveth and It Taketh Away: The Significance of the Game Changing FHFA Lawsuits

Posted on September 15, 2011 by Isaac Gradman

It is no stretch to say that Friday, September 2 was the most significant day for mortgage crisis litigation since the onset of the crisis in 2007.  That Friday, the Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae … Continue reading →

Posted in acquisitions, Ambac, bailout, banks, Bear Stearns, BofA, bondholder actions, Complaints, contract rights, Countrywide, damages, Deutsche Bank, emc, Fannie Mae, Federal Home Loan Banks, FHFA, Freddie Mac, freeriders, Goldman Sachs, Government bailout, investors, irresponsible lending, JPMorgan, jury trials, lawsuits, lending guidelines, liabilities, litigation, litigation costs, loan files, loss causation, loss estimates, LTV, MBS, media coverage, Merrill Lynch, misrespresentation, monoline actions, mortgage fraud, motions to dismiss, negligence and recklessness, private label MBS, procedural hurdles, putbacks, quinn emanuel, ratings agencies, rep and warranty, repurchase, RMBS, securities, securities laws, securitization, shareholder lawsuits, sole remedy, sophistication, stability, standing, statistical sampling, statutes of limitations, subpoenas, successor liability, too big to fail, Trustees, underwriting practices, Wall St., WaMu | 6 Comments

Six Challenges to Countrywide RMBS Settlement Already; Rundown Shows Pact Will Be No Easy Sell for BofA

Posted on July 19, 2011 by Isaac Gradman

The BofA settlement blowback has already begun.  If you’ve been following my recent posts (here and here) about the proposed Bank of America (“BofA”) settlement involving the Bank of New York (“BoNY”) and the Kathy Patrick-led investor group (the “Investor … Continue reading →

Posted in Attorneys General, Bank of New York, banks, BofA, bondholder actions, conflicts of interest, contract rights, Countrywide, Federal Home Loan Banks, FHFA, global settlement, Grais and Ellsworth, improper documentation, incentives, investigations, investors, lawsuits, lenders, liabilities, litigation, MBS, oversight, pooling agreements, private label MBS, procedural hurdles, putbacks, rep and warranty, repurchase, RMBS, securities fraud, servicers, settlements, standing, statutes of limitations, subpoenas, toxic assets, Trustees | 9 Comments

Creditor Rights: Use Them All!

Posted on July 14, 2011 by Isaac Gradman

by Steve Ruterman, guest blogger Much of the focus of mortgage crisis-related litigation and news coverage has been directed at put-back rights as a potential source of loss mitigation for mortgage creditors, including investors and bond insurers.  However, far less … Continue reading →

Posted in auditing, banks, bondholder actions, chain of title, contract rights, due diligence firms, Event of Default, firing servicers, freeriders, guest posts, improper documentation, incentives, investors, irresponsible lending, lenders, lending guidelines, loan files, MBIA, MBS, negligence and recklessness, pooling agreements, private label MBS, putbacks, re-underwriting, rep and warranty, RMBS, robo-signers, securitization, servicer defaults, servicers, standing, The Subprime Shakeout, Trustees, underwriting practices | Tagged , , , | Leave a comment