Philip R. Stein

Philip R. Stein

Bilzin Sumberg Baena Price & Axelrod LLP

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Latest Posts › Repurchases

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Mid-2015 Mortgage Crisis Update – The Repurchase Demands Continue

In the aftermath of the financial crisis, Fannie Mae and Freddie Mac aggressively demanded Wall Street and big bank aggregators (“aggregators”) repurchase millions of defaulted and distressed loans, due to purported breaches...more

6/12/2015 - Banking Crisis Banking Sector Citibank Fannie Mae Freddie Mac GSE Mortgage Lenders Mortgage Loan Aggregators Mortgage Loan Originators Mortgages Repurchases Settlement Agreements

Regulators Increase Scrutiny of Wall Street Lending

Federal bank regulatory agencies are significantly increasing their scrutiny of Wall Street bank lending, moving from annual reviews to a system of monthly audits in a major effort to curtail aggressive underwriting...more

10/15/2014 - Audits Banks Mortgages Repurchases Underwriting Wall Street

NY Appellate Court Reverses Decision on Statute of Limitations for Mortgage Buyback Claims

On December 19, 2013, correspondent lenders were the beneficiaries of a long-awaited common sense ruling on when the statute of limitations begins to run under New York law for purposes of a mortgage buyback claim. The...more

12/24/2013 - Buyback Programs Data Breach Plans Lenders Misrepresentation Mortgages Putback Claims Real Estate Market Repurchases Statute of Limitations Tolling

Judge Limits Damages Recoverable On Repurchase Claims

In an opinion refusing to dismiss a lawsuit by several RMBS mortgage trusts in connection with $1.6 billion of mortgage loans, Judge Harold Baer, Jr. of the U.S. District Court for the Southern District of New York, held that...more

8/26/2013 - Damages Loans Repurchases RMBS

Federal Judges Refuse to Permit “Shotgun” Style Mortgage-Buyback Lawsuits Filed by Lehman Brothers

Earlier this year, a United States District Court judge for the Southern District of Florida (Judge James Lawrence King) severed and dismissed 7 out of 8 mortgage repurchase claims filed by Lehman Brothers Holdings, Inc....more

5/26/2013 - Buyback Programs Dismissals Lehman Brothers Mortgages Repurchases

Big Banks Fail 2012 Fannie Mae Star Program

According to a report released Tuesday by Fannie Mae, the big banks who love to act like “injured innocents” when it comes to making mortgage repurchase and indemnification demands on loan originators had their own...more

4/12/2013 - Bank of America Citigroup Fannie Mae Indemnification JPMorgan Chase Mortgage Loan Originators Mortgages Repurchases Settlement

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