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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

FDIC Obtains Jury Verdict And Settlement In Separate Actions In California District Court Against Former Bank Officers And...

On December 7, the FDIC, as receiver of a failed bank, obtained a jury verdict in its favor in the U.S. District Court for the Central District of California against a group of former bank officers. FDIC v. Van Dellen, No....more

Federal District Court Dismisses Virginia State Law Claims in FHFA RMBS Suit

On November 19, the U.S. District Court for the Southern District of New York held that the FHFA’s state-law claims against a financial institution with regard to the offering of certain residential mortgage-backed securities...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

DOJ Sues Mortgage Lender Over Alleged Fraudulent Certification of FHA Loans

On October 9, the U.S. Attorney for the Southern District of New York and the U.S. Department of Housing and Urban Development (HUD) announced a civil fraud suit against a mortgage lender alleged to have falsely certified...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 IG Clears Freddie Mac’s Use of Inverse Floating-Rate Bonds

On September 26, the FHFA Inspector General (IG) reported that neither Freddie Mac nor the FHFA purposefully limited refinancing opportunities to influence the yields of Freddie Mac inverse floating-rate bonds (inverse...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

State AGs Granted Right to Intervene in Private MBS Action

On June 6, a New York state court ordered that the attorneys general for the states of Delaware and New York (state AGs) could intervene in a case challenging an $8.5 billion settlement related to allegations that the...more

New York Thrift Charged with Mortgage Fraud by Manhattan District Attorney

On May 31, the Manhattan District Attorney’s Office (DA) announced charges against Abacus Federal Savings Bank (Bank) and nineteen of its former employees for their alleged involvement in a securities and mortgage fraud...more

RMBS Working Group Announces Web Site, Formation of Coordination Team

On May 24, the Residential Mortgage-Backed Securities (RMBS) Working Group announced the launch of a new web site to facilitate the reporting of RMBS fraud, as well as the formation of a coordination team “to facilitate...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

HUD Announces Another Mortgage False Claims Act Settlement

On May 10, HUD and the U.S. Attorney for the Southern District of New York announced the settlement of a lawsuit alleging violation of the False Claims Act by a mortgage originator and affiliated entities. The government...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

SEC Announces $28 Million RMBS Settlement

On April 24, the U.S. Securities and Exchange Commission announced that it filed and simultaneously settled a suit alleging that an H&R Block subsidiary engaged in the fraudulent sale of subprime residential mortgage-backed...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

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