Anthony Narula

Anthony Narula

Bilzin Sumberg Baena Price & Axelrod LLP

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Wells Accused of Profiting from Foreclosure Relief Program

A recent class action lawsuit filed on behalf of thousands of homeowners in New York against Wells Fargo alleges that while the bank received $25 billion in government bailout funds it failed to make a good faith effort to...more

5/21/2015 - Bailout Class Action Foreclosure Good Faith HAMP Property Owners Wells Fargo

BofA’s Inconsistent Positions

Bank of America recently moved to dismiss a lawsuit filed by Ambac Assurance Corp. in New York state court, alleging $600 million in damages for fraudulent inducement in connection with payments it made under policies...more

3/17/2015 - Ambac Financial Group Bank of America Countrywide False Statements RMBS

Supreme Court Eases Requirements for Homeowners Rescinding Mortgages

The U.S. Supreme Court recently held in Jesinoski v. Countrywide Home Loans, Inc. that borrowers exercising their right to rescind mortgages under the Truth in Lending Act (“TILA”) only need to provide written notice to...more

1/26/2015 - Bank of America Jesinoski v Countrywide Mortgage Lenders Mortgages Regulation Z Rescission SCOTUS Statute of Limitations TILA Written Notice

Former JPMorgan Chase Insider Blows the Whistle

Matt Taibbi of Rolling Stone recently profiled the woman JPMorgan Chase paid one of the largest fines in American history to keep from talking in his article, The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare....more

12/22/2014 - DOJ Enforcement Actions Former Employee JPMorgan Chase Popular Securities Fraud Whistleblowers

Banks May Be Required to Increase Reserves

The Federal Reserve is expected to require the biggest U.S. banks to increase reserves in an effort to prevent the possibility of another financial crisis. Federal Reserve Governor Daniel K. Tarullo is scheduled to testify...more

9/16/2014 - Banks Federal Reserve Financial Regulatory Reform HUD Too Big to Fail

Former Analyst Claims Moody’s Falsely Inflated Ratings

Former Moody’s analyst, Ilya Kolchinsky, has accused the credit rating powerhouse of overstating its ratings for countless toxic mortgage-backed securities that caused the financial meltdown in 2008, misleading investors and...more

9/5/2014 - False Claims Act Fraud Moody's Mortgages SEC Too Big to Fail Whistleblower Protection Policies Whistleblowers

Citigroup Settles with DOJ for $7 Billion

Citigroup announced last week that it will pay $7 billion to end an investigation by the U.S Department of Justice into misconduct related to its mortgage securitization practices. The blockbuster settlement came days before...more

7/23/2014 - Attorney Generals Citigroup DOJ FDIC Mortgage-Backed Securities Mortgages Settlement

Miami Hits JPMorgan with Lawsuit over Discriminatory Lending Practices

The city of Miami recently sued JPMorgan Chase & Co. in Florida federal court alleging that JPMorgan violated the Federal Fair Housing Act (“FHA”) by engaging in a “continuing pattern” of discriminatory mortgage lending...more

6/23/2014 - Discrimination Fair Housing Act Foreclosure JPMorgan Chase Race Discrimination Redlining

Aurora Resolves Mortgage Modification Class-Action Lawsuit for $5.3 Million

A former goliath of the non-prime lending market, Aurora Loan Services, LLC (“ALS”), recently resolved a class-action lawsuit alleging that it fraudulently induced distressed California borrowers to enter into purported...more

5/29/2014 - Aurora Banks Class Action Fraud Fraudulent Inducement Loan Modifications Mortgages

SEC “Fearful” of Wall Street Banks

Following the financial crisis, the U.S. Securities and Exchange Commission has received sharp criticism from the public for its seemingly weak enforcement of Wall Street’s too big to fail banks. Surprisingly, this sentiment...more

4/25/2014 - Banks Enforcement SEC Too Big to Fail

Eastern Pompano Beach Is Open For Business

Eastern Pompano Beach has quickly positioned itself to become the next hot spot for development in South Florida. Investors are betting that recent public sector efforts will translate into a thriving community....more

4/15/2014 - CRA Entrepreneurs Incentives Investors Public-Private Partnerships Redevelopment

New Bill Poised to Revamp Fannie Mae, Freddie Mac

Following months of negotiations that involved collaboration between Republicans and Democrats, Senators Tim Johnson (D-SD) and Mike Crapo (R-ID) announced Tuesday that the Senate Banking Committee had reached an agreement on...more

3/17/2014 - Fannie Mae Freddie Mac

Derivative Suit Filed Against JPMorgan Alleges Culture of Risk

Adding to JPMorgan Chase’s widely publicized recent legal woes, shareholder Bradley P. Miller filed a derivative suit against the bank and its directors in California federal court on January 23, 2014, as a result of the $20...more

2/10/2014 - Banking Sector Bernie Madoff Derivative Suit Federal Reserve GSE JPMorgan Chase London Whale Mortgage-Backed Securities Risk Assessment Securities Fraud Subprime Mortgages Unjust Enrichment

CFPB Sues Mortgage Insurer Over Illegal Kickback Scheme

It looks like yet another illegal kickback scheme involving mortgage insurance has been uncovered in the residential mortgage industry. Recently the Consumer Financial Protection Bureau (“CFPB”) filed a lawsuit in the U.S....more

12/17/2013 - CFPB Insurers Kickbacks Mortgage Loan Originators Mortgages

FHFA Restricts Forced-Placed Insurance Practices

We recently commented on JPMorgan Chase’s blockbuster agreement to resolve a class-action lawsuit for $300 million brought by more than a million homeowners nationwide. The dispute centered on allegations that Chase profited...more

11/7/2013 - Class Action FHFA Insurers JPMorgan Chase Kickbacks Settlement

JPMorgan Chase Agrees to Settle Forced-Placed Insurance Class-Action Lawsuit for $300 Million

JPMorgan Chase and Assurant Inc. recently agreed to settle a class-action lawsuit initiated in June 2012 for $300 million brought by a class of 1.3 million homeowners nationwide who claimed that they were overcharged for...more

11/7/2013 - Class Action Fire Insurance Forced-Placed Insurance JPMorgan Chase Mortgages Settlement Wind Damage

A Time for Reflection: the Fifth Anniversary of Lehman Brothers’ Collapse

Sunday, September 15, 2013, marked the fifth anniversary of Lehman Brothers’ bankruptcy, the largest in U.S. history. It is widely believed that Lehman’s meltdown set off a domino effect that led to the global financial...more

9/19/2013 - Commercial Bankruptcy Economic Downturn Fannie Mae Freddie Mac Housing Market Lehman Brothers Mortgages

Private Mortgage Insurers Return to Profitability after Housing Crisis

It should be no surprise that the private mortgage insurance industry was nearly decimated in the wake of the housing crisis. During that tumultuous time, the private mortgage insurers that survived lost a combined $20...more

8/22/2013 - Economic Downturn Housing Market Insurers Mortgage Insurance Fund Mortgages

Proposed Legislation Would Replace Fannie Mae, Freddie Mac

The Future of Housing Reform - A bipartisan group of U.S. Senators recently proposed a bill that would replace Fannie Mae and Freddie Mac over the next 5 years....more

7/26/2013 - Fannie Mae FDIC FMIC Freddie Mac Housing Finance Reform Housing Market Mortgages Proposed Legislation

Citigroup Resolves Mortgage Buyback Dispute With Fannie Mae

$968 Million Settlement - During the aftermath of the financial crisis, Fannie Mae and Freddie Mac have been aggressively demanding that Wall Street and big bank aggregators repurchase millions of defaulted and...more

7/4/2013 - Buyback Litigation Citigroup Fannie Mae Mortgage Loan Originators Mortgages Settlement

Citigroup Resolves Mortgage Buyback Dispute with Fannie Mae

During the aftermath of the financial crisis, Fannie Mae and Freddie Mac have been aggressively demanding that Wall Street and big bank aggregators repurchase millions of defaulted and distressed loans for alleged breaches of...more

7/3/2013 - Buyback Programs Citigroup Fannie Mae Freddie Mac Mortgage Loan Originators Mortgages

Loan Modification and the Failure to Mitigate Damages

Freddie Mac has announced the immediate implementation of its Streamlined Modification program, a no-document modification program offered to severely delinquent borrowers. The implementation of the program, originally set to...more

5/20/2013 - Borrowers Freddie Mac Loan Modifications Mitigation

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