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July 2012 Article Archive

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Freddie Mac Announces Tenth $1 Billion Multifamily Securities Offering This Year, K-019
freddiemac.com | July 30, 2012
Freddie Mac (OTC: FMCC) today announced a new offering of Structured Pass-Through Certificates (“K Certificates“), which are multifamily mortgage-backed securities. The company expects to offer approximately $1.1 billion in K Certificates (“K-019 Certificates”), which are expected to price the week of July 23, 2012, and settle on or about August 14, 2012. This is Freddie Mac’s tenth K Certificate offering this year.
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Bank of America Sues Nashville Bankruptcy Trustee
bizjournals.com | July 30, 2012
In a rare legal counter move, Charlotte, N.C.-based Bank of America (NYSE: BAC) has filed a lawsuit against Nashville's Chapter 13 bankruptcy trustee.
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Changed by Wall Street, for Wall Street
nytimes.com | July 30, 2012
AND so Liborgate drags on and on and on. Last week, two senior Washington officials — Timothy F. Geithner, the Treasury secretary, and Gary Gensler, the head of the Commodity Futures Trading Commission — testified before Congress about the scandal surrounding Libor, the benchmark for global interest rates.
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Walnut Place Drops Objections to $8.5 Billion BofA Deal
reuters.com | July 26, 2012
Walnut Place, an entity that had challenged a proposed $8.5 billion settlement between Bank of America Corp (BAC.N) and investors in failed mortgage-backed securities, has withdrawn its objections to the deal.
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New York Court of Appeals Rejects Lawsuit Against Barclays for Mortgage-Backed Securities Losses
lexology.com | July 26, 2012
The New York Court of Appeals recently affirmed the dismissal of a suit by Oddo Asset Management, a French asset management company, against Barclays Bank involving the collapse of two highly leveraged structured investment vehicles, called SIV-Lites, comprised primarily of mortgage-backed securities.
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Bank Crises and Solutions Should Be At Least Somewhat Related
economyblog.ncpa.org | July 26, 2012
My first crisis was the Maryland S&L Crisis in 1985. Its primary lesson for me was that there was little or no connection between its cause and the supposed lessons learned. That lesson continues to stand the test of time.
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New MERS Settlement to Impact Borrowers Nationwide
blog.hsh.com | July 19, 2012
Perhaps the most convoluted and unresolved issue created by the mortgage meltdown concerns not mortgage rates or amortization, but the central question of who owns your mortgage and where it can be found.
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Biden Secures Reforms from National Mortgage Registry
capegazette.villagesoup.com | July 18, 2012
Delaware Attorney General Beau Biden has announced that the national shadow mortgage registry known as MERS, which was at the center of the housing crisis, has agreed to implement important reforms, including regular reports on the accuracy of its records, as part of a settlement of a lawsuit Biden’s office filed against it last year.
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What's missing from Delaware's settlement with MERS?
newsandinsight.thomsonreuters.com | July 17, 2012
When Delaware Attorney General Beau Biden filed his suit against the Mortgage Electronic Registration Systems last October, I wrote that the complaint should cause shivers in the securitization industry.
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Bank of America, Syncora Settle Mortgage Fraud Lawsuit: Sources
reuters.com | July 16, 2012
Bank of America Corp (BAC.N) agreed to settle a lawsuit alleging that its unit Countrywide Financial fraudulently misrepresented mortgage-backed securities insured by Syncora Guarantee, sources close to the settlement said.
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House Financial Services Subcommittee on Financial Institutions and Consumer Credit Hearing
insurancenewsnet.com | July 12, 2012
On behalf of the 1.1 million members of the NATIONAL ASSOCIATION OF REALTORS[TM] (NAR), who are involved in residential and commercial real estate as brokers, sales people, property managers, appraisers, counselors, and others engaged in all aspects of the real estate industry, thank you for holding this very important hearing on the impact of Dodd-Frank's home mortgage reforms.
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Securitizing Sunlight Could Help Fund Next Solar Boom
trefis.com | July 12, 2012
Underwriters from multiple banks are looking at opportunities for the securitization of power output from rooftop solar installations to fund future solar installations. [1] The proposed structures are similar to mortgage or loan based securities in that the returns to the holder are backed by future payments on the underlying assets (in this case, the electricity generated from solar installations).
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The REAL Secret of the Fraud of Banks
opednews.com | July 11, 2012
As Independence Day 2012 has come and gone six days ago I hope you give some consideration to my argument of how there is no need for mediation or modification of mortgages.
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Seizing Underwater Mortgages: Unconstitutional and Dangerous
americanbanker.com | July 11, 2012
Certain mortgage investors have recently proposed that state and local governments use their power of eminent domain to "condemn" underwater mortgages—that is, mortgages where the outstanding amount of the debt exceeds the market value of the property.
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Homeowner Wins Foreclosure Defense Case in Pinellas County, Florida Using a Securitization Audit
sbwire.com | July 10, 2012
Pinellas County residents Aida and Howard Hayes found themselves part of the nationwide foreclosure process when Deutsche Bank National Trust Company attempted to foreclosure on their home. The Hayes’ hired Kelley Boseker, a local foreclosure defense attorney, who used a securitization audit by Paladin Securitization Auditors of Cheyenne, WY, to show the lender did not have the right to foreclose on their property.
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Research and Markets: Securitizations: Legal and Regulatory Issues
businesswire.com | July 6, 2012
Research and Markets has announced the addition of the "Securitizations: Legal and Regulatory Issues." subscription to their offering.
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New York, Local Agencies Fail to File Reports
lohud.com | July 5, 2012
The independent Authorities Budget Office opened in March 2010 with the mission of making New York’s ever-expanding “shadow government” of state and local quasi-public agencies more accountable to the public.
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Fix Mortgage Flaw that Enabled Robo-signing in Florida
palmbeachpost.com | July 5, 2012
Florida counties are missing out on millions of dollars and homeowners are being kept in the dark about who owns their loans because the state does not require that mortgage assignments be recorded. It’s a problem the Legislature can and should fix during its next session.
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Assembly OKs Adding Bank Settlement Into California Law
abcnews.go.com | July 3, 2012
California would become the first state to write into law much of the national mortgage settlement negotiated this year with the nation's top five banks, and expand it to all lenders, under wide-ranging legislation state lawmakers approved Monday.
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Five Questions: Time to Unify Fannie, Freddie Securities?
blogs.wsj.com | July 2, 2012
Freddie Mac is facing a new problem as it nears the fourth anniversary of its government takeover: Investors are spurning its mortgage security in favor of its sibling, Fannie Mae.
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