News & Analysis as of

Mortgage-Backed Securities Residential Mortgage-Backed Securities

Orrick, Herrington & Sutcliffe LLP

2nd Circuit addresses issue preclusion standard in dismissal of RMBS actions

On April 26, the U.S. Court of Appeals for the Second Circuit upheld the dismissal of three residential mortgage-backed securities lawsuits tied to losses incurred during the 2008 financial crisis. The plaintiffs, issuers of...more

A&O Shearman

New York Court Of Appeals Dismisses Contractual Claims Against Nomura In Four RMBS Suits

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On December 12, 2017, the New York Court of Appeals dismissed certain breach of contract claims brought by HSBC Bank USA, N.A. (“HSBC”) against Nomura Credit & Capital, Inc. (“Nomura”), in four separate actions related to...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

The Restructuring Mid-Summer Review: Europe and the Emerging Markets - For those focused on the debt restructuring market, the Greek sovereign crisis (covered extensively in our recent updates1) has drowned out news of...more

Dechert LLP

BNA INSIGHTS: Enforcement Actions Decline But Fines Hit Historic Highs in 2014

Dechert LLP on

During 2014, the number of enforcement actions brought by federal banking agencies1 continued a downward trend that began in 2011. Federal banking agencies issued 661 formal enforcement actions, representing more than a 55...more

Morgan Lewis

N.Y. Court of Appeals Resolves Statute of Limitations Accrual For Putback Claims

Morgan Lewis on

Court holds that claims begin to accrue at the time contracts were executed and there is no separate claim for failure to cure or repurchase. On June 11, New York State’s highest court, the Court of Appeals, rendered a...more

Orrick - Finance 20/20

Rating Agency Developments

On June 1, DBRS released its RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology. On June 1, Fitch released its U.S. RMBS Surveillance and Re-REMIC Criteria. On June 1, Moody’s issued...more

Orrick, Herrington & Sutcliffe LLP

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

Orrick - Finance 20/20

Citigroup, Goldman, and UBS to Pay $235 Million Settlement in MBS Class Action

Orrick - Finance 20/20 on

On February 13, 2015, the plaintiffs in New Jersey Carpenters Health Fund, et al., v. Residential Capital, LLC, et al., No. 08-cv-8781 (S.D.N.Y.) filed an unopposed motion for certification of the class and to approve a...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Fed Announces Dates of Stress Test Releases - On February 12, the Fed announced that results from the latest supervisory stress tests conducted as part of Dodd-Frank will be released on March 5, and the related results...more

Orrick - Finance 20/20

Greenpoint’s Motion to Dismiss Loan Misrepresentation Suit Granted in Part

Orrick - Finance 20/20 on

On October 15, Judge Donovan Frank of the U.S. District Court for the District of Minnesota, granted in part and denied in part Greenpoint Mortgage Funding’s motion to dismiss a lawsuit filed by Residential Funding Co., an...more

Orrick - Finance 20/20

JPMorgan Sued Over $959 Million RMBS Trust

Orrick - Finance 20/20 on

On October 10, the Bank of New York Mellon, suing as trustee for the J.P. Morgan Mortgage Acquisition Trust, Series 2006-WMC3 trust, filed a summons with notice in the Supreme Court for the State of New York against WMC...more

Orrick - Finance 20/20

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

Orrick - Finance 20/20 on

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

Dechert LLP

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

Dechert LLP on

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

Orrick - Finance 20/20

Court Dismisses Suit Alleging Fraud by Merrill Lynch in the Sale of RMBS

Orrick - Finance 20/20 on

On October 8, Justice Charles E. Ramos of the New York Supreme Court for the County of New York, Commercial Division entered an order dismissing an amended complaint brought by Phoenix Light SF Limited, Silver Elms CDO PLC,...more

Orrick - Finance 20/20

RMBS Trustee Files New Repurchase Action Against Nomura

Orrick - Finance 20/20 on

On September 17, HSBC Bank USA NA, as trustee for an RMBS trust, filed suit in the Supreme Court for the State of New York against Nomura Credit & Capital Inc. over approximately $613 million in RMBS issued in May 2007. ...more

Bilzin Sumberg

Bank of America’s $16.65 Billion Settlement

Bilzin Sumberg on

In what is being reported as the largest settlement ever between the U.S. and a single business entity, Attorney General Eric Holder and Associate Attorney General Tony West announced Thursday that Bank of America Corp....more

Orrick, Herrington & Sutcliffe LLP

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

Orrick, Herrington & Sutcliffe LLP

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

CFTC and EC Statement on Regulatory Framework - On February 12, the CFTC and the European Commission announced jointly that the two agencies have made significant progress in their collaboration on the regulatory...more

Orrick - Finance 20/20

District Judge Reaffirms Denial of Motion to Dismiss RMBS Repurchase Suit

Orrick - Finance 20/20 on

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 - Finance 20/20

Goldman Sachs and Prudential Settle RMBS Action

Orrick - Finance 20/20 on

On January 6, Judge Susan D. Wigenton of the United States District Court for the District of New Jersey “so ordered” the parties’ stipulation of voluntary dismissal with prejudice of Prudential’s claims against Goldman Sachs...more

Orrick, Herrington & Sutcliffe LLP

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

Orrick - Finance 20/20

FHFA and Deutsche Bank Reach RMBS Settlement

Orrick - Finance 20/20 on

On December 20, the Federal Housing Finance Agency announced it had reached a settlement for $1.925 billion with Deutsche Bank AG to resolve claims pending in the United States District Court for the Southern District of New...more

Orrick - Finance 20/20

J.P. Morgan Brings $1 Billion Claim Against FDIC for WaMu RMBS Indemnification

Orrick - Finance 20/20 on

On December 17, J.P. Morgan Chase Bank filed a complaint in the United States District Court for the District of Columbia against the Federal Deposit Insurance Corporation (FDIC) seeking $1 billion in indemnification for...more

Orrick - Finance 20/20

JP Morgan Sued by Investors Over $1.7B in Mortgage-Backed Securities

Orrick - Finance 20/20 on

On August 21, a collection of investors including Phoenix Light SF Limited, Blue Heron Funding II Ltd. and Kleros Preferred Funding V PLC (the Investors) brought suit against a number of JP Morgan and Bear Stearns entities in...more

Orrick - Finance 20/20

New York Federal Court Denies Motion to Dismiss Repurchase Suit Against UBS

Orrick - Finance 20/20 on

On August 15, Judge Harold Baer, Jr. of the District Court for the Southern District of New York denied UBS Real Estate Securities Inc.’s motion to dismiss a suit by several RMBS mortgage trusts in connection with the...more

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