Residential Mortgage-Backed Securities

Residential Mortgage-Backed Securities are financial instruments consisting of residential mortgages pooled together to form larger more complex financial commodities.
News & Analysis as of

Your Daily Dose of Financial News

Ratings Agency Moody’s Corp. has agreed to pay roughly $864 million to resolve federal and state claims that it gave juiced ratings to risky MBS in the run-up to the financial crisis. Half of the total will end up in DOJ...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Prohibition on Dealing or Investing in Industrial or Commercial Metals - On January 3, 2017, the Office of the Comptroller of the Currency (the "OCC") finalized a rule that...more

First Department Affirms Partial Dismissal of RMBS Repurchase Claims

On December 29, 2016, the New York Supreme Court, Appellate Division, First Department, in a 4-1 decision, affirmed a 2015 New York Supreme Court order dismissing certain claims in an RMBS action brought by Trustee U.S. Bank...more

Your Daily Dose of Financial News

The headline a few days ago was the arrest of VW exec Oliver Schmidt during an ill-advised trip to Miami last week. But the DOJ also indicted five other top executives over their role in VW’s emissions cheating scandal. No...more

Deutsche Bank Settles DOJ RMBS Claims for $7.2 Billion

On December 23, 2016, Deutsche Bank AG (“Deutsche Bank“) announced that it had reached a settlement in principle with the United States Department of Justice (“DOJ“) to resolve possible civil claims arising from Deutsche...more

Your Daily Dose of Financial News

The December 22 announcement that Deutsche Bank had settled with the DOJ over long-standing RMBS-related claims and investigations for a reported $7.2 billion prompted this Times long-read that traced the Icarus-like rise and...more

Key Legal & Regulatory Issues for Financial Services Companies in 2017

With 2016 rapidly drawing to a close, here are some thoughts regarding the types of litigation and legal/regulatory issues that will likely be top-of-mind for financial services companies, especially mortgage companies and...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Re-Proposal of Position Limits Regulation - On December 5, 2016, the U.S. Commodity Futures Trading Commission ("CFTC") unanimously approved to re-propose rules that...more

Your Daily Dose of Financial News

As anticipated, the Fed raised its benchmark interest yesterday (for only the second time since the 2008 financial crisis) to somewhere between .5 and .75 percent and, perhaps more critically, revealed its expectation for...more

Your Daily Dose of Financial News

In the ongoing battle over almost $38 billion in securities at issue in post-crisis-era lawsuits, the big banks are pushing hard for appellate courts to blow up the Firrea extender provision and find that the DOJ waited too...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Special Purpose National Bank Charters for FinTech Companies - On December 2, 2016, Comptroller of the Currency, Thomas J. Curry, announced that the Office of the Comptroller of the...more

Rating Agency Developments

On November 30, 2016, Fitch published its U.S. water and sewer revenue bond rating criteria. Report. On November 29, 2016, Fitch published its rating criteria for RMBS transactions in Europe, Middle East and Africa...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFTC Division of Market Oversight Reminds Market Participants of the Upcoming Expiration of Certain No-Action Relief From the Ownership and Control Final Rule - On November 16,...more

Majority of Claims Against RBS Dismissed in MBS Suit

On November 14, 2016, plaintiff Federal Home Loan Bank of Boston (“FHLBB“) and defendants RBS Securities Inc., RBS Acceptance, Inc., RBS Financial Products, Inc., and RBS Holdings, USA (Inc.) (together, “RBS“) filed a joint...more

Your Daily Dose of Financial News

All those traders excited about a burgeoning US economy ahead may want to keep an eye on the commercial real estate market, which is seeing a rise in defaults and delinquencies as pre-crisis 10-year loans come due....more

[Event] Finance Forum - December 1st, Charlotte, NC

Cadwalader, Wickersham & Taft LLP is sponsoring its inaugural Finance Forum in Charlotte, North Carolina on December 1st.  Join Cadwalader, Wickersham & Taft LLP and fellow industry leaders to discuss emerging trends, market...more

Your Daily Dose of Financial News

And we thought Brexit was something. Buckle up. It’s going to be a wild market ride... Whoa....more

Your Daily Dose of Financial News

Wells is working hard to keep from having to produce four databases in ongoing toxic RMBS litigation with an investor class headed by Royal Park & BlackRock...more

Your Daily Dose of Financial News

Wells Fargo is well past the rain, the pouring, and even the flooding. So why not possible liability for its RMBS practices? As part of an SEC disclosure, the bank acknowledge that it’s “in discussion” with the RMBS Working...more

Your Daily Dose of Financial News

The latest on the AT&T/Time Warner deal, including its place in the “ambitious climb” of AT&T’s CEO, Randall Stephenson [NYTimes] and a conversation with one of the deal’s vocal political opponents, Sen. Al Franken....more

Your Daily Dose of Financial News

Italy’s struggling lender Monte Dei Paschi is cutting jobs and closing branches in an effort to revive the world’s oldest bank (and maybe save Siena in the process)....more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Proposed Rules Addressing Application of Certain CEA Regulations to Cross-Border Transactions - On October 11, 2016, the U.S. Commodity Futures Trading Commission...more

Rating Agency Developments

On October 11, 2016, S&P published its methodology for surveilling ratings of U.S. residential mortgage-backed securities principal only strip securities. Report. On October 7, 2016, Moody’s published its rating methodology...more

Your Daily Dose of Financial News

China’s expected to announce Q3 economic growth of 6.7 percent this week—a number envied by any other country in the world but the sign of major slowdown there. Dealbook looks at what, exactly, a less-gangbusters Chinese...more

Your Daily Dose of Financial News

Some thoughts—from Chair Yellen, herself—about why, despite pretty strong economic indicators for a pretty long time now, the Fed hasn’t begun to raise rates again....more

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