News & Analysis as of

Main Street Cashes $3.1 Billion in Checks from Wall Street

With the mortgage crisis almost a decade in the rear-view mirror, some harmed homeowners are just now starting to see reparations for the transgressions of the country’s largest financial institutions. ...more

Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on ongoing civil lawsuits and regulatory investigations into Libor manipulation by large banks, including the possible imposition of new criminal penalties by U.K. authorities...more

Orrick's Financial Industry Week in Review

ESMA Reports on Information that Competent Authorities Should Provide to it Under the AIFMD - The European Securities and Markets Authority (ESMA), has published a final report of technical advice for the European...more

Credit Crunch Digest -- October 2013

This issue of the Credit Crunch Digest focuses on the indictment of former ICAP employees for rate fixing of the yen Libor; a new lawsuit filed against global banks for their involvement in Libor manipulation schemes; a...more

Credit Crunch Digest -- May 2013

This issue of the Credit Crunch Digest focuses on recent developments in alleged Libor rate manipulation litigation; settlements in two mortgage-backed securities lawsuits; potential actions by state attorney generals...more

Federal Reserve Announces Another Major Cash Settlement with Mortgage Servicers: $8.5 Billion to be Paid in Cash, Used to Help...

In a joint press release issued by the Federal Reserve and the Office of the Comptroller of the Currency, news this past week is that 10 mortgage servicers around the country have entered into a settlement agreement with the...more

Mortgage Foreclosure Settlement

We have long been skeptical of most loan “repurchase” or “indemnification” demands made by big banks against the third-party originators (i.e., correspondent lenders) who sold those loans to the big banks many years ago....more

Action Plans for Residential Mortgage Servicing and Foreclosure Deficiencies

On February 27, the Fed released action plans from Bank of America, Citigroup, EverBank, JPMorgan Chase, MetLife, PNC, SunTrust, US Bancorp, and Wells Fargo to correct deficiencies in residential mortgage loan servicing and...more

InfoBytes Special Alert: Federal and State Officials Announce Mortgage Servicing Settlement

This morning, U.S. Attorney General Eric Holder, HUD Secretary Shawn Donovan, Iowa Attorney General Tom Miller, and several other state and federal officials jointly announced an approximately $25 billion agreement in...more

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