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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

Federal Court Follows Recent Statute of Limitations Decision for Mortgage Buyback Claims

We recently posted about a critical ruling out of New York’s intermediate state appellate court, the case of ACE Securities Corp. v. DB Structured Products, Inc., 977 N.Y.S.2d 229, 231 (N.Y.A.D. 1st Dept. Dec. 19, 2013). In...more

2/3/2014 - Buyback Programs Mortgage Loan Originators Mortgage Loan Servicing Standards Mortgage-Backed Securities Mortgages Statute of Limitations

Bank of America and Freddie Mac Settle Mortgage Loan Claims

Add yet another major settlement to the still-growing list of huge payouts by the nation’s largest banks to settle claims over toxic mortgage-backed securities. Bank of America has now agreed to pay $404 million to Freddie...more

12/6/2013 - Bank of America FHFA Freddie Mac Mortgage-Backed Securities Mortgages

JPMorgan Chase Agrees to $13 Billion Settlement with the U.S. Justice Department for Knowingly Selling Toxic Mortgage-Backed...

On Tuesday, the United States Justice Department announced that it finalized a settlement agreement with JPMorgan Chase for $13 billion. This settlement will resolve a multitude of state and federal investigations into...more

11/21/2013 - DOJ JPMorgan Chase Mortgage-Backed Securities Mortgages Settlement

FHFA’s $5.1 Billion Settlements With J.P. Morgan Chase

On October 25, 2013, the Federal Housing Finance Agency (“FHFA”), as conservator of Fannie Mae and Freddie Mac, announced that it will receive settlement payments of $5.1 billion with J.P. Morgan Chase & Co. in connection...more

10/29/2013 - Fannie Mae FHFA Freddie Mac JPMorgan Chase Mortgage-Backed Securities Mortgages Settlement

DOJ and SEC File Suits Against Bank of America

Stop me if you have heard something like this before. The Department of Justice announced a civil lawsuit on Tuesday alleging that Bank of America defrauded buyers of mortgage-backed securities by lying about the quality of...more

8/8/2013 - Bank of America DOJ FHFA Fraud Home Equity Mortgage-Backed Securities Mortgages SEC

New Precedent that Holds Banks Responsible?

The legal press is abuzz with reports of a New York federal judge’s award of a $90.1 million judgment to mortgage insurer Assured Guaranty Corp. after a lengthy trial in its suit against Flagstar Bank FSB....more

2/11/2013 - Assured Guaranty Corp. Banks Flagstar Bank Misrepresentation Mortgage-Backed Securities RMBS

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