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Will CMBS litigation be the new RMBS litigation?

Residential mortgage-backed securities offerings prior to 2008 gave rise to an abundance of litigation, some of which continues to this day. There may be reason to anticipate an increase in commercial mortgage-backed...more

A Resurgence of Residential Mortgage Repurchase Claims on the Horizon

A surge in repurchase claims against mortgage originators may be imminent as aggregators and servicers face nonpayment of debt obligations and liquidity shortfalls resulting from an increase in residential mortgage loans put...more

Appellate Court Tells CitiMortgage It Can’t Force “Repurchase” Of What No Longer Exists

A recent decision by the United States Court of Appeals for the Eighth Circuit offers some vindication for mortgage companies still facing “repurchase” demands made by the banks to which they sold residential mortgages in the...more

New Second Circuit Statute of Limitations Ruling A Benefit to Loan Originators, Brokers

As originators and brokers of mortgage loans continue to get served with new lawsuits (or threatened with potential suits) related to loans that they conveyed to aggregators prior to the financial crisis of 2008, questions...more

New Wave of Lehman Litigation Appears to Be Imminent

Thousands of mortgage lenders across the country either recently received, or will soon be receiving, this document from Lehman Brothers Holdings, Inc. (LBHI). It is a notice of a motion to approve a proposed settlement of...more

Fannie and Freddie Adopt IDR Policy for Repurchases

After years of litigation costing tens of millions of dollars, the Federal Housing Finance Agency has hit upon a way to expedite resolution of breach of representation and warranty claims that, if successful, could minimize...more

Mid-2015 Mortgage Crisis Update – The Repurchase Demands Continue

In the aftermath of the financial crisis, Fannie Mae and Freddie Mac aggressively demanded Wall Street and big bank aggregators (“aggregators”) repurchase millions of defaulted and distressed loans, due to purported breaches...more

Regulators Increase Scrutiny of Wall Street Lending

Federal bank regulatory agencies are significantly increasing their scrutiny of Wall Street bank lending, moving from annual reviews to a system of monthly audits in a major effort to curtail aggressive underwriting...more

NY Appellate Court Reverses Decision on Statute of Limitations for Mortgage Buyback Claims

On December 19, 2013, correspondent lenders were the beneficiaries of a long-awaited common sense ruling on when the statute of limitations begins to run under New York law for purposes of a mortgage buyback claim. The...more

Judge Limits Damages Recoverable On Repurchase Claims

In an opinion refusing to dismiss a lawsuit by several RMBS mortgage trusts in connection with $1.6 billion of mortgage loans, Judge Harold Baer, Jr. of the U.S. District Court for the Southern District of New York, held that...more

8/26/2013  /  Damages , Loans , Repurchases , RMBS

Federal Judges Refuse to Permit “Shotgun” Style Mortgage-Buyback Lawsuits Filed by Lehman Brothers

Earlier this year, a United States District Court judge for the Southern District of Florida (Judge James Lawrence King) severed and dismissed 7 out of 8 mortgage repurchase claims filed by Lehman Brothers Holdings, Inc....more

Big Banks Fail 2012 Fannie Mae Star Program

According to a report released Tuesday by Fannie Mae, the big banks who love to act like “injured innocents” when it comes to making mortgage repurchase and indemnification demands on loan originators had their own...more

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