Category Archives: securities laws

Mortgage Lit Roundup: Five Signs That Plaintiffs Are Winning the RMBS War

Posted on December 17, 2012 by Isaac Gradman

A lot can happen in a few months.  I’ve largely taken a break from blogging over the last quarter, as the demands of becoming a new father and joining a new law firm (see “Legal Practice” link in the header) … Continue reading →

Posted in Alison Frankel, allocation of loss, Ally Bank, Alt-A, Attorneys General, Bank of New York, bankruptcy, banks, Bear Stearns, bench trials, BofA, bondholder actions, borrower fraud, Citigroup, Clayton Holdings, conflicts of interest, contract rights, counterparty risk, Countrywide, damages, Deutsche Bank, due diligence firms, emc, FDIC, Flagstar, fraud, global catastrophe defense, Goldman Sachs, improper documentation, Insurance Department, investigations, investors, irresponsible lending, JPMorgan, Judge Barbara Kapnick, Judge Eileen Bransten, Judge Jed Rakoff, Judge Paul Crotty, Judge William Pauley, judicial momentum, Judicial Opinions, lawsuits, lenders, lending guidelines, liabilities, LIBOR manipulation, liquidity, litigation, loan files, loss causation, MBIA, MBS, media coverage, misrespresentation, monoline actions, monolines, mortgage fraud, mortgage insurers, NCUA, pooling agreements, private label MBS, probes, public perceptions, putbacks, quinn emanuel, re-underwriting, Regulators, rep and warranty, repurchase, reserve reporting, RMBS, SEC, securities, securities fraud, securities laws, securitization, sellers and sponsors, sole remedy, standing, stated income, statistical sampling, subpoenas, subprime, successor liability, summary judgment, Trustees, underwriting guidelines, underwriting practices, vicarious liability, Walnut Place, Wells Fargo | 2 Comments

Upcoming Presentation: Trends in MBS Litigation

Posted on November 14, 2012 by Isaac Gradman

I am pleased to announce that I will be speaking in and presenting at an upcoming Strafford live phone/web seminar, “Mortgage-Backed Securities Litigation: Latest Developments” scheduled for tomorrow, Thursday, November 15, 1:00pm-2:30pm EST. This will be largely geared towards attorneys … Continue reading →

Posted in bondholder actions, broader credit crisis, class actions, Complaints, conflicts of interest, contract rights, costs of the crisis, counterparty risk, damages, derivative lawsuits, discovery, education, fraud, gatekeeper litigation, global catastrophe defense, global settlement, impact of the crisis, investors, irresponsible lending, Judicial Opinions, jury trials, lawsuits, liabilities, litigation, loss causation, MBS, misrespresentation, monoline actions, pooling agreements, Presentations, private label MBS, putbacks, rep and warranty, repurchase, research, responsibility, RMBS, securities, securities laws, securitization, sellers and sponsors, settlements, standing, statistical sampling, statutes of limitations, summary judgment, The Subprime Shakeout, Trustees, underwriting practices | 1 Comment

Federal Judge in Goldman Sachs MBS Suit Grants Class Action Status to All Bondholders in Trust

Posted on February 6, 2012 by Isaac Gradman

This just in: the Hon. Harold Baer, Jr. of the Southern District of New York has certified a class of bondholders in Goldman Sachs MBS Trust 2006-S2 led by the Mississippi Public Employees Retirement Fund.  Included in the class are … Continue reading →

Posted in bondholder actions, class actions, Goldman Sachs, investors, irresponsible lending, Judge Harold Baer, Judicial Opinions, lawsuits, lending guidelines, litigation, MBS, private label MBS, Residential Capital, RMBS, securities, securities laws, securitization, sellers and sponsors, sophistication, standing, underwriting guidelines, underwriting practices, Wall St. | Leave a comment

Federal Home Loan Bank Litigation Update: MBS Cases Moving Slowly, But Steadily, Ahead for FHLBs

Posted on December 22, 2011 by Isaac Gradman

By Isaac Gradman and India Autry The Federal Home Loan Bank (FHLB) litigation against MBS underwriters, some of the first to arise out of the sale of toxic mortgage backed securities post-crisis, is progressing slowly but surely towards trial, without … Continue reading →

Posted in banks, Blue Sky laws, choice of law, discovery, Federal Home Loan Banks, investors, lawsuits, litigation, loan files, LTV, MBS, misrespresentation, motions to dismiss, ratings agencies, remand, removability, securities fraud, securities laws, securitization, sophistication, subprime, underwriting guidelines, underwriting practices | 8 Comments

Rakoff’s Rejection of SEC Settlement with Citi Sends Stern Message to Wall Street’s Primary Regulator

Posted on November 30, 2011 by Isaac Gradman

Two days after the release of one of the most scathing judicial opinions in recent memory, the importance of federal Judge Jed Rakoff’s rejection of the SEC’s $285 million settlement with Citigroup is just beginning to sink in.  In just … Continue reading →

Posted in abacus, banks, CDOs, Citigroup, Complaints, consitutionality, costs of the crisis, damages, Goldman Sachs, investigations, investors, JPMorgan, Judge Jed Rakoff, Judicial Opinions, lawsuits, liabilities, litigation, media coverage, negligence and recklessness, oversight, Paulson and Co., probes, regulation, Regulators, SEC, securities laws, settlements, Uncategorized | 1 Comment

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

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