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Upper Tribunal Finds That Individual Lacked Integrity Due To Recklessness

In this case report, we consider the decision of the Upper Tribunal (Tax and Chancery Chamber) in Ghanshyam Batra v Financial Conduct Authority [2014] UKUT 214 (TCC), in which the Upper Tribunal upheld the FCA's decision to...more

NCUA Sues HSBC For Alleged Breaches of Duties as Trustee for 37 RMBS Trusts

On March 20, the National Credit Union Administration Board, acting as liquidating agent for five failed credit unions, filed suit against HSBC USA in the Eastern District Court of Virginia. NCUA alleged that HSBC breached...more

Wells Fargo: Department of Justice Not Playing Fair

Wells Fargo has recently cried foul, claiming that the Department of Justice’s latest lawsuit against it in the Southern District of New York violates the terms of a settlement agreement Wells had previously reached with the...more

U.S. Sues Bank of America for Alleged Mortgage Fraud Against GSEs

On October 24, the U.S. Attorney for the Southern District of New York filed suit against Bank of America and Countrywide seeking damages for over $1 billion in alleged losses suffered by Fannie Mae and Freddie Mac....more

Credit Crunch Digest -- October 2012

This issue of the Credit Crunch Digest focuses on a class action against 12 banks alleging manipulation of the Libor rate; lawsuits, investigations and settlements involving Wells Fargo & Co., Credit Suisse AG, JP Morgan...more

Miami-Dade County Joins Counties Across the US Suing Freddie Mac and Fannie Mae for Unpaid Transfer Taxes

This week, Miami-Dade County sued Fannie Mae and Freddie Mac in the United States District Court for the Southern District of Florida in Case NO. 12-CV-23917, styled Ruvin v. Federal National Mortgage Ass'n et al. and Harvey...more

Federal Government Sues Bank of America for Fraud: Fannie Mae and Freddie Mac Want Actuals and Exemplary Damages From Countrywide...

The federal government has sued the second-biggest bank in the country, Bank of America Corp., in United States District Court for the Southern District of New York for fraud. That's right: fraud, which brings with it the...more

U.S. Sues Wells Fargo Over Allegedly Defective FHA Mortgages

On October 9, the United States Attorney for the Southern District of New York filed suit against Wells Fargo Bank, N.A. in the United States District Court for the Southern District of New York....more

New York Attorney General Sues Bear Stearns and JPMorgan Chase

On October 1, New York Attorney General Eric T. Schneiderman filed suit against Bear Stearns & Company, now a unit of JPMorgan Chase, in New York state court in Manhattan. This is the first suit filed by a member of the joint...more

Task Force Targets Bear Stearns; Other Banks in the Crosshairs

After being formed to great fanfare in January 2012, the Residential Mortgage-Backed Securities Working Group, part of President Obama’s Financial Fraud Enforcement Task Force, stayed largely silent for eight months. No...more

FHFA Anti-Fraud Measures for Fannie, Freddie and Federal Home Loan Banks

On June 18, the FHFA announced the Suspended Counterparty Program, an initiative to require Fannie Mae, Freddie Mac and the Federal Home Loan Banks to notify the FHFA whenever an individual or company with whom they do...more

FDIC Brings Two RMBS Lawsuits Against Several Investment Banks and Related Entities

On May 18, 2012, the FDIC, in its capacity as receiver for two failed banks, filed two actions in the Southern District of New York arising out of the banks’ alleged purchase of RMBS. In the first suit, the FDIC asserts...more

After the Fallout: Recent Trends in Residential Mortgage-Backed Securities Litigation

Two governmental reports released this past year confirmed that the issuance and securitization of risky residential mortgage loans were critical factors in causing and fueling the financial crisis. See U.S. Senate...more

Bill Targets Real Estate Industry And Borrowers

Last June, reporters Charles Piller and Robert Lewis wrote this story about “hard-money” lending abuses in Nevada County. One might expect that they were writing about high interest rates and harsh loan terms. It turns out...more

Sentencing Panel Amends Guidelines for Mortgage Fraud

Responding to a requirement in the Dodd-Frank Act that it review, and if appropriate, amend, the federal sentencing guidelines for mortgage fraud, the U.S. Sentencing Commission set forth on April 13, 2012, two new provisions...more

$25 Billion Mortgage Fraud Settlement Marks Turning Point for Industry

On April 4, the $25 billion national mortgage servicing settlement, which was announced in February, was finalized by a judge in the U.S. District Court for the District of Columbia. The settlement with the nation’s five...more

Federal Reserve Makes Morgan Stanley Pay For Some Foreclosures

Consent Order Issued Morgan Stanley may have sold off its mortgage servicing unit, but that did not stop the Federal Reserve from holding the company accountable for robo-signing and other improper foreclosure...more

Attorneys General Complaint on Mortgage Practices

On March 12, a complaint was filed in the U.S. district court for the District of Columbia by the DOJ and the attorneys general of 49 states and the District of Columbia against Bank of America, JPMorgan Chase, Wells Fargo,...more

Financial Industry Week in Review - February 6, 2012

In This Issue: - Financial Industry Developments · Obama Administration Housing Plan · FHFA REO Initiative · DOJ Investigation of RMBS Market · SEC No-Action Letter on Rule 15Ga-1 and Ginnie Mae · FDIC...more

New Westchester County NY - Application for Index Number

As of January 17, 2012, the following case types must be commenced electronically via the NYSCEF System in Westchester County: • Article 75 (arbitration) • Commercial, including Commercial Division eligible • Consumer...more

Feds Sue the Banks for Foreclosure Fraud: What Will Be Impact on Florida Real Estate? It Doesn't Help.

It's already happened: the Federal Housing Finance Agency (FHFA) has filed suit against many of the nation's top banks over alleged bad acts involving mortgage-backed securities, i.e., ForeclosureGate. (Read the agency press...more

Credit Crunch Digest- September 2010

IN THIS ISSUE: New Century Settles Shareholder Class Action Suit; BankAtlantic Bancorp Subprime Securities Suit Will Proceed; SunTrust Subprime Securities Suit Dismissed; SEC Defends Settlement With Citigroup; Court Allows...more

State & Local Foreclosure Mediation Programs Can They Save Homes

Written By Geoffry Walsh Staff Attorney National Consumer Law Center, Geoff Walsh has been a legal services attorney for over twenty-five years and is presently a staff attorney with National Consumer Law Center The...more

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