News & Analysis as of September 23, 2024

Mortgages › Buyback Programs

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The term "mortgage" typically refers to a mortgage loan. A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +

Massachusetts Sues Fannie and Freddie for Blocking Home Buybacks

Bilzin Sumberg on 6/13/2014

Earlier this month, Massachusetts Attorney General Martha Coakley initiated an action against Fannie Mae, Freddie Mac and the Federal Housing Finance Agency for allegedly illegally impeding non-profit foreclosure buyback...more

Federal Court Follows Recent Statute of Limitations Decision for Mortgage Buyback Claims

Bilzin Sumberg on 2/3/2014

We recently posted about a critical ruling out of New York’s intermediate state appellate court, the case of ACE Securities Corp. v. DB Structured Products, Inc., 977 N.Y.S.2d 229, 231 (N.Y.A.D. 1st Dept. Dec. 19, 2013). In...more

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

Bilzin Sumberg on 12/24/2013

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

Wells Fargo Settles Mortgage Buyback Litigation with Freddie Mac for $869 Million

Bilzin Sumberg on 10/8/2013

As of June 30 of this year, Wells Fargo & Co., this nation’s largest mortgage lender, had received demands to repurchase $1.4 Billion out of the $343 billion of residential-mortgage loans Wells Fargo sold to Freddie Mac and...more

Citigroup Resolves Mortgage Buyback Dispute with Fannie Mae

Bilzin Sumberg on 7/3/2013

During the aftermath of the financial crisis, Fannie Mae and Freddie Mac have been aggressively demanding that Wall Street and big bank aggregators repurchase millions of defaulted and distressed loans for alleged breaches of...more

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

Bilzin Sumberg on 5/26/2013

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

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