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Bank of America, JPMorgan Units Sued in Mortgage-Backed Securities Cases
bloomberg.com | Sept 30, 2011
Bank of America Corp. (BAC)’s Countrywide unit was sued by Sealink Funding Ltd. in New York over $1.6 billion of residential mortgage-backed securities the fund purchased between 2005 and 2007.
Read More.

Bank of New York: We have no fiduciary duty to MBS investors
newsandinsight.thomsonreuters.com | Sept 30, 2011
When New York attorney general Eric Schneiderman sued Bank of New York Mellon in August, the AG asserted that the Countrywide mortgage-backed securitization trustee had breached its duty to MBS investors. "As trustee, BNYM owed and owes a fiduciary duty of undivided loyalty," said the AG's suit, which was filed as a counterclaim in BNY Mellon's case seeking approval of the proposed $8.5 billion Bank of America settlement with MBS investors. "[BNYM] breached that duty to [investors'] detriment and disadvantage, by failing to notify them of issues regarding the quality of loans underlying their securities."
Read More.

Morgan Stanley Pays $7.2M in Nevada Settlement
mortgageorb.com | Sept 29, 2011
The office of Nevada's attorney general has ended its investigation into Morgan Stanley Mortgage Capital Holdings' involvement with the securitization of subprime loans in the state. Attorney General Catherine Cortez Masto announced Tuesday that she has filed an "assurance of discontinuance" requiring the firm to restructure certain loans and pay millions toward foreclosure relief efforts.
Read More.

Faith-based Lending: A Mortgage with a Message
community.nasdaq.com | Sept 29, 2011
The proverb that "birds of a feather flock together" might explain why some homebuyers and homeowners gravitate toward so-called faith-based lenders when they want to get a new mortgage.
Read More.

Lewtan™ Partners with Thetica Systems, Inc., to Provide Bond Valuation Platform for MBS/ABS Securities
marketwatch.com | Sept 28, 2011
Lewtan, a leading data and analytics provider for the structured finance industry, partners with Thetica Systems to offer a pre-integrated bond valuation platform to MBS and ABS investors. Thetica Systems' ABS Analytics Trader Tools™ provide a suite of software that incorporates Lewtan's ABSNet®, ABSNet Loan and ABSNet Loan HomeVal® products with credit model assumptions to automate an efficient bond valuation platform with an easy-to-customize, front-end solution.
Read More.

MDS GSE ULDD/MISMO Ready!
marketwatch.com | Sept 28, 2011
Mortgage Delivery Specialists LLC (MDS), the premier provider of agency delivery services, announced today that it has completed its verification in the GSE ULDD MISMO Version 3.0 framework. The ULDD XML file is part of the UMDP(SM) (Uniform Mortgage Data Program(SM)) that has been jointly established by Fannie Mae and Freddie Mac at the direction of their regulator, the Federal Housing Finance Agency (FHFA). MDS has incorporated these new requirements into its current GSE deliveries and has been successful in delivering loans in the Fannie Mae Early Readiness XML format and successfully complete its verification with Freddie Mac.
Read More.

S&P May Face SEC Sanctions Over 2007 Rating of Subprime CDO
sfgate.com | Sept 27, 2011
Standard & Poor's, the world's largest provider of credit ratings, may face U.S. regulatory sanctions in connection with its rating of a $1.6 billion collateralized debt obligation in 2007.
Read More.

Bank of America activists get theatrical
bostonherald.com | Sept 27, 2011
Hub activists have begun protesting Bank of America foreclosures using “street theater,” from leaving a vacant home’s trash on an executive’s doorstep to sneaking into a business breakfast to hand out anti-B of A muffins.
Read More.

Morgan Stanley Pays $7.2M in Nevada Settlement
mortgageorb.com | Sept 29, 2011
The office of Nevada's attorney general has ended its investigation into Morgan Stanley Mortgage Capital Holdings' involvement with the securitization of subprime loans in the state. Attorney General Catherine Cortez Masto announced Tuesday that she has filed an "assurance of discontinuance" requiring the firm to restructure certain loans and pay millions toward foreclosure relief efforts.
Read More.

Faith-based Lending: A Mortgage with a Message
community.nasdaq.com | Sept 29, 2011
The proverb that "birds of a feather flock together" might explain why some homebuyers and homeowners gravitate toward so-called faith-based lenders when they want to get a new mortgage.
Read More.

Lewtan™ Partners with Thetica Systems, Inc., to Provide Bond Valuation Platform for MBS/ABS Securities
marketwatch.com | Sept 28, 2011
Lewtan, a leading data and analytics provider for the structured finance industry, partners with Thetica Systems to offer a pre-integrated bond valuation platform to MBS and ABS investors. Thetica Systems' ABS Analytics Trader Tools™ provide a suite of software that incorporates Lewtan's ABSNet®, ABSNet Loan and ABSNet Loan HomeVal® products with credit model assumptions to automate an efficient bond valuation platform with an easy-to-customize, front-end solution.
Read More.

MDS GSE ULDD/MISMO Ready!
marketwatch.com | Sept 28, 2011
Mortgage Delivery Specialists LLC (MDS), the premier provider of agency delivery services, announced today that it has completed its verification in the GSE ULDD MISMO Version 3.0 framework. The ULDD XML file is part of the UMDP(SM) (Uniform Mortgage Data Program(SM)) that has been jointly established by Fannie Mae and Freddie Mac at the direction of their regulator, the Federal Housing Finance Agency (FHFA). MDS has incorporated these new requirements into its current GSE deliveries and has been successful in delivering loans in the Fannie Mae Early Readiness XML format and successfully complete its verification with Freddie Mac.
Read More.

S&P May Face SEC Sanctions Over 2007 Rating of Subprime CDO
sfgate.com | Sept 27, 2011
Standard & Poor's, the world's largest provider of credit ratings, may face U.S. regulatory sanctions in connection with its rating of a $1.6 billion collateralized debt obligation in 2007.
Read More.

Bank of America activists get theatrical
bostonherald.com | Sept 27, 2011
Hub activists have begun protesting Bank of America foreclosures using “street theater,” from leaving a vacant home’s trash on an executive’s doorstep to sneaking into a business breakfast to hand out anti-B of A muffins.
Read More.

Barclays Capital and FundCore Partner on New CMBS Loan Origination Program
nationalmortgageprofessional.com | Sept 21, 2011
Barclays Capital and FundCore Finance Group have announced a partnership that establishes a Commercial Mortgage-Backed Securities (CMBS) loan origination and securitization program. As part of the program, Barclays Capital will provide funding to originate conduit loans while FundCore will source loan opportunities. The loans will be jointly underwritten by Barclays Capital and FundCore and are anticipated to be periodically securitized. The partnership will look to originate and securitize five-, seven- and 10-year fixed-rate loans secured by traditional commercial property types in major markets throughout the United States.
Read More.

Banks Beware: Time is Ripe for MBS Breach-of-Contract Suits
newsandinsight.thomsonreuters.com | Sept 21, 2011
Over the last couple of months Bank of America has taken a stock market and regulatory beating so brutal that it's reportedly considering the previously unthinkable option of putting Countrywide into Chapter 11. BofA's mortgage-backed securities exposure seems to have no upper limit; throughout BofA's long hot summer, it felt like every week investors surfaced with new claims that BofA, Countrywide, or Merrill Lynch violated state and federal securities laws in MBS offerings.
Read More.

Fed. Judge in BofA MBS Case Homes in on Trustee's Rights, Duties
newsandinsight.thomsonreuters.com | Sept 23, 2011
Bank of New York Mellon, the Countrywide mortgage-backed securitization trustee, had another rough time of it at Wednesday's remand hearing before Manhattan federal judge William Pauley.
Read More.

BB&T You Can Bank On — Bank of America and Citigroup, However …
investorplace.com | Sept 23, 2011
The U.S. government has invested hundreds of billions of dollars — including the $750 billion Troubled Asset Recovery Program — to keep the world’s biggest banks (including some based in the U.S.) from failing. But if you’re going to put your own money into bank stock, skip the ones that got bailed out — like Bank of America (NYSE:BAC) and Citigroup (NYSE:C) — and consider a stake in a profitable regional bank like BB&T (NYSE:BBT).
Read More.

Spank of New York - Bank under fire from angry investor lawsuits
nypost.com | Sept 19, 2011
Back in 2009, Bank of New York Mellon chief Bob Kelly boasted that his bank had little exposure to the mortgage-market mess that toppled Lehman Brothers and nearly pushed other big financial firms off a cliff.
Read More.

First Horizon, Fitch Say Risk Manageable
memphisdailynews.com | Sept 19, 2011
Bryan Jordan, the president and CEO of First Tennessee Bank’s parent company, told his audience at an industry conference a few days ago in New York City that his company has been out of the mortgage business for three years now.
Read More.

Redwood Plans Second Mortgage-Bond Deal in Market of 2011
bloomberg.com | Sept 16, 2011
Redwood Trust Inc. (RWT), the only issuer of new home-loan securities without government backing since the market froze, plans to sell bonds tied to $375 million of so- called jumbo mortgages, in the second deal this year.
Read More.

Two Harbors Investment Corp. to Host Expert Panel Discussion at NYSE: "Policy and Practice: What's Next for the Mortgage Market?"
marketwatch.com | Sept 16, 2011
Two Harbors Investment Corp. today announced that in conjunction with ringing the opening bell at the New York Stock Exchange on Thursday, September 15, management will host a panel discussion with prominent mortgage and housing market experts titled "Policy and Practice: What's Next for the Mortgage Market?"
Read More.

AEI's Wallison Stands Against Government Guarantees for Securitization
housingwire.com | Sept 15, 2011
Peter Wallison of the American Enterprise Institute argued on Capitol Hill Tuesday that any type of government guarantee for mortgage securitizations will wipe out housing innovation, leaving taxpayers on the hook for billions of dollars.
Read More.

CREDIT MARKETS: Corporate Bonds Weaken On New Greece Worries
online.wsj.com | Sept 15, 2011
Credit markets weakened to start the week, moving lower on a volatile day for stocks due to renewed concerns about European sovereign debt, particularly the possibility that Greece could default.
Read More.

Foreclosure Deal Shouldn't Waive All Claims, Official Says
sfgate.com | Sept 14, 2011
Banks shouldn't be protected from liability for mortgage securitization as part of a national foreclosure settlement, said Minnesota's attorney general, joining other states voicing concern over the issue.
Read More.

Banks may Skirt GSE Uncertainty with Covered Bonds
housingwire.com | Sept 14, 2011
More banks based in the United States will establish covered bond programs to fund future mortgages on the perception of less risk and still lingering uncertainty over private and agency securitization markets, according to Moody's Investors Service.
Read More.

The Last Refuge of a Scoundrel
motherjones.com | Sept 13, 2011
The Basel III capital rules are designed to make the financial system safer by making banks build up risk-absorbent “core tier one” capital to at least 7 per cent of risk-weighted assets. The biggest, including JPMorgan, have to reach 9.5 per cent.
Read More.

Phoenix Number of Foreclosed Homes Grows
myfoxphoenix.com | Sept 13, 2011
The number of foreclosed single family homes in the valley has seen a jump for the first time this year.
Read More.

Breakingviews: No quick fix for banks' U.S. mortgage liability
newsandinsight.thomsonreuters.com | Sept 12, 2011
Subprime is the crisis that keeps on giving. Mortgages made to mostly American borrowers with questionable credit histories helped sink well-established financial firms like Lehman Brothers, Merrill Lynch and Countrywide some three years ago. They're now threatening the viability of the survivors, like Merrill and Countrywide's new owner Bank of America, with their second wind in the courts.
Read More.

What the Wall Street Journal Got Wrong About FHFA Lawsuits
cnbc.com | Sept 9, 2011
My friends on The Wall Street Journal editorial board have several questions about the lawsuits the Federal Housing Finance Authority (FHFA) filed against banks that sold it mortgage-backed securities.
Read More.

RBS Expands Non-Mortgage Asset-Backed Securities Trading Desk with Appointment of Pat Peranek
webwire.com | Sept 8, 2011
RBS Securities Inc. (RBS) today announced that Pat Beranek has joined the firm as a Managing Director on its asset-backed securities (ABS) trading desk where he will be responsible for trading non-mortgage ABS with Alan Johannsen. Mr. Beranek will report to Adam Siegel, Co-Head of U.S. ABS, MBS and CMBS Trading, and will be based in Stamford, CT.
Read More.

Vexed by Securitization Suit, Banks Pull Out of Mortgage Fraud Settlement Meeting
swampland.time.com | Sept 8, 2011
The five biggest mortgage servicers have cancelled a planned negotiating session with representatives of the 50 State Attorneys General in apparent protest over a federal regulator filing suit against them, a source familiar with the matter tells TIME.
Read More.

FHFA Lawsuits: Price Tag Could Reach as High as $60 Billion
news.firedoglake.com | Sept 7, 2011
It’s been very hard to determine how much the FHFA is seeking in their lawsuit against leading banks in the mortgage bond scandal. We knew the total value of the mortgage backed securities in the suit – around $250 billion – but not precisely the amounts FHFA would ask for. Public radio’s Marketplace takes a look, and comes up with an eye-popping figure. They dug up a research note by the form Keefe Bruyette & Woods.
Read More.

The trend continues: U.S. Bank files another suit as MBS trustee
newsandinsight.thomsonreuters.com | Sept 7, 2011
U.S. Bank has struck again. Less than a week ago, the bank, acting as securitization trustee, sued Bank of America to demand the repurchase of deficient loans underlying Greenwich Capital MBS offerings. And now U.S. Bank has sued WMC Mortgage and Equifirst Corporation in its role as trustee for a $550 million UBS offering. Here's the 23-page Minnesota federal court complaint, filed by the recently ubiquitous Kasowitz Benson Torres & Friedman.
Read More.

Banks Said to Balk at 'Robo-Signing' Offer
upi.com | Sept 7, 2011
U.S. banks are balking at an offer by state officials to limit their blame for alleged improper mortgage practices in return for a multibillion-dollar payment.
Read More.

Legal Battle Over Mortgage Sales
nuwireinvestor.com | Sept 7, 2011
The U.S. is suing 17 banks, including JPMorgan Chase, Bank of America, Barclays, Citigroup and Goldman Sachs, alleging that securities laws were violated in the sale of mortgage-backed securities to federal agencies such as Freddie Mac and Fannie Mae. The government is seeking a full buyback of the securities known as GSE Certificates in the amount of $196.2 billion. Observers believe that the litigation will further interfere with the administration’s plans to facilitate mortgage settlements between lenders, servicers and states that have lost millions in the securitization process. For more on this continue reading the following article from The Street.
Read More.

17 Banks Sued By Federal Housing Finance Agency
ycharts.com | Sept 6, 2011
The FHFA is suing 17 firms to recover nearly $200 billion spent on mortgage securities sold to Fannie Mae and Freddie Mac. The suits filed on Friday, allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the enterprises. The FHFA says the firms mislead Fannie and Freddie in regards to the quality of the mortgages in the securitizations.
Read More.

Government Going After Banks for Shoddy Mortgage Securities
theatlantic.com | Sept 6, 2011
The New York Times reports that our government is going to file suit against a bunch of major banks, alleging fraud in the mortgage securitization process. Apparently, the statute of limitations expires in a few days, so the Federal Housing Finance Agency is expected to slip the suit in just under the wire.
Read More.

U.S. is Set to Sue a Dozen Big Banks Over Mortgages
starnewsonline.com | Sept 2, 2011
The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.
Read More.

Bank of America Doubles Foreclosure Filings in South Florida
bizjournals.com | Sept 2, 2011
Bank of America has ramped up the volume of foreclosure filings in South Florida, according to Business Journal research.
Read More.

Starwood Completes $154.4M Mortgage Securitization
businessweek.com | Sept 1, 2011
Real estate investment trust Starwood Property Trust Inc. on Tuesday said it completed a securitization of four first mortgage loans totaling $154.4 million.
Read More.

Mortgage-Bond Deal Challenged
articles.boston.com | Sept 1, 2011
Bank of America Corp. has been sued by homeowners seeking to block the bank’s proposed $8.5 billion mortgage-bond settlement with investors.
Read More.


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