Residential Mortgage-Backed Securities Mortgages

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

Second Circuit Affirms Dismissal of Lawsuit over Mortgage Auction Terms

On March 31, 2015, the Second Circuit in Truman Capital Advisors LP v. Nationstar Mortgage, LLC, No. 14-cv-3533 (2d Cir. Mar. 31, 2015), affirmed the dismissal of a lawsuit involving the auction sale of hundreds of...more

Orrick's Financial Industry Week in Review

European Commission Unveils Tax Transparency Package - The European Commission has laid out its plans in a new Tax Transparency Package to clamp down on tax deals made between EU governments and multi-national...more

Defeating Another Challenge to the Mortgage Electronic Registration System

Since the mortgage crisis began several years ago, the Mortgage Electronic Registration System (“MERS”) has faced numerous legal attacks relating to foreclosures, assignments and what interest MERS holds in a deed of trust or...more

Orrick's Financial Industry Week in Review

FHFA Updates Requirements for Freddie and Fannie Sales of Non-Performing Loans - On March 2, FHFA announced changes to requirements for sales of non-performing loans (NPLs) by Freddie and Fannie to reduce the number of...more

SDNY Declines to Reconsider Denial of Plaintiffs’ Summary Judgment Motion in RMBS Putback Case

On February 25, 2015, Judge P. Kevin Castel of the S.D.N.Y. issued an opinion denying reconsideration of a January 9, 2015 order that granted in part and denied in part the parties’ competing motions for summary judgment in...more

New York Supreme Court Holds RMBS Claims Are Timely, But Accrual Provision Unenforceable

On March 3, 2015, Justice Marcy S. Friedman of the New York Supreme Court granted in part and dismissed in part Defendant Greenpoint Mortgage Funding, Inc.’s Motion to Dismiss an action in which it was said to have...more

Record Settlement Not Enough for JPMorgan Whistleblower

In what was the largest settlement ever reached between the United States Department of Justice and a corporation, JPMorgan Chase paid out $13 billion to the government in response to charges that the organization had...more

Orrick's Financial Industry Week in Review

Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) Regulations 2015 published - On January 13, 2015, the Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment)...more

U.S. Bank Sues Citigroup in Connection with $528 Million of RMBS

On December 22 and 23, U.S. Bank National Association, as trustee for three RMBS trusts, filed three separate summonses with notice in the Supreme Court of the State of New York. U.S. Bank alleges that Citigroup...more

First Department Affirms Dismissal of Ambac’s Contract Claims Against EMC

On October 16, the Appellate Division, First Department of the Supreme Court of New York affirmed the dismissal of Ambac Assurance Corporation’s breach of contract claims against EMC Mortgage arising out of an RMBS...more

The RMBS Working Group: Is There Life After Eric Holder?

Financial institutions are asking what Attorney General Eric Holder’s resignation means for the future of the U.S. Department of Justice’s financial fraud enforcement program generally, and the Residential Mortgage-Backed...more

Final Credit Risk Retention Rules Adopted for Asset Backed Securities and Residential Mortgage Backed Securities

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Department of Housing and Urban Development, Federal Housing Finance Agency, and...more

Credit Crunch Digest -- September 2014

This issue of the Credit Crunch Digest focuses on the push by the Federal Reserve for the creation of a Libor alternative; additional updates on high-frequency trading lawsuits; settlements of residential mortgage backed...more

Orrick's Financial Industry Week in Review - August 18, 2014

FHFA Seeks Input on Single Security Structure for Fannie Mae and Freddie Mac - On August 12, FHFA published a Request for Input on the proposed structure for a Single Security that would be issued and guaranteed by...more

Citigroup To Pay $7 Billion To Settle Mortgage Claims

To settle charges related to the packaging, marketing, sale, and issuance of residential mortgage-backed securities (RMBS), Citigroup will pay a total of $7 billion, including a record $4 billion fine to the Department of...more

Orrick's Financial Industry Week in Review

New York's Highest Court Will Review First Department Decision on RMBS Putback Statute of Limitations - On June 27, the Court of Appeals for the State of New York agreed to review the First Department's December 2013...more

New York Appellate Division Affirms Denial of Merrill Lynch’s Motion to Dismiss Repurchase Claims

On June 17, New York’s Appellate Division, First Department intermediate appellate court affirmed the denial of Merrill Lynch’s motion to dismiss a repurchase suit brought by two RMBS Trusts. The plaintiff-trusts allege that...more

Orrick's Financial Industry Week in Review - April 14, 2014

Agencies Apply Increased Leverage Ratio to Large U.S. Banks - On April 8, the Fed, FDIC and OCC adopted the final rule to increase the leverage ratio for the largest U.S. banks. The final rule applies to U.S. bank...more

New York Appellate Court Denies Motion for Reargument of ACE Ruling

On March 20, the Appellate Division, First Department denied an RMBS trustee’s motion for reargument of or, alternatively, leave to appeal to the Court of Appeals (New York’s highest court) from the First Department’s...more

Royal Bank of Scotland Reaches Settlement in Class Action

On February 14, the Royal Bank of Scotland and a plaintiff class, led by New Jersey Carpenters Health Fund and the Boilermaker Blacksmith Pension trust, reported to the court that the parties had reached a settlement in...more

Homeward Residential’s RMBS Claims Against Sand Canyon Dismissed in Part

On February 14, Judge Analisa Torres of the United States District Court for the Southern District of New York granted in part defendant Sand Canyon Corporation’s motion to dismiss the amended complaint of plaintiff Homeward...more

Morgan Stanley and FHFA Reach RMBS Settlement

On February 4, Morgan Stanley disclosed in a regulatory filing that it has agreed, in principle, to a settlement for US$1.25 billion with the Federal Housing Finance Agency to resolve claims pending in the United States...more

District Judge Reaffirms Denial of Motion to Dismiss RMBS Repurchase Suit

On January 7, Judge Alvin K. Hellerstein of the United States District Court for the Southern District of New York denied WMC’s motion to reconsider the denial of its motion to dismiss in light of the intervening New York...more

Orrick's Financial Industry Week in Review - January 13, 2014

European Parliament Committee Publishes Opinion on Money Laundering Directive 4 - On January 7, the European Parliament published an opinion, written by its Committee on Legal Affairs (or JURI) relating to the...more

RMBS Repurchase Lawsuit Against Nomura Dismissed with Prejudice

On December 24, Justice O. Peter Sherwood of the New York Supreme Court granted with prejudice Nomura Credit & Capital Inc.’s motion to dismiss an RMBS repurchase lawsuit as time-barred. Following the Appellate Division...more

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