News & Analysis as of

Subprime Mortgages

Ballard Spahr LLP

Minnesota Revises Its Residential Mortgage Originator and Servicer Licensing Act to Remove References to “Subprime”

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Effective July 1, 2019, among other things, the definition of “subprime loan” set forth in Subdivision 27 of Section 58.02 of the Residential Mortgage Originator and Servicer Licensing Act is repealed. ...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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A quick check-in with Fed Chair Powell, the man trying to help keep the US economy humming—a hard enough job as it is, but one made much tougher by a White House that hasn’t been shy about voicing its near-constant...more

Troutman Pepper

CRA-like Standards for Fintechs Could Reduce Access to Credit

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As reported in American Banker, consumer advocacy groups are concerned that financial inclusion expectations for fintechs chartered as special-purpose national banks may not perfectly mirror the requirements of the Community...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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A scary combination of rising bond yields (across the 3% Rubicon!) and a warning from Caterpillar (which called its expectation-beating performance for Q1 the “high watermark for the year”) helped propel stocks significantly...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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More than 3 years after admitting to cheating on diesel emissions tests, Volkswagen appears poised to oust CEO Matthias Muller—likely in favor of former BMW exec Herbert Diess....more

Farrell Fritz, P.C.

Separate Duty to Notify Revives Untimely Subprime Mortgage Claims

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In a thorough opinion last week by Justice Marcy Friedman in Bank of N.Y. Mellon v WMC Mtge., LLC, the New York County Supreme Court upheld the timeliness of “Failure to Notify” claims arising from subprime mortgage-backed...more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 8.22.16

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The SEC’s opened an inquiry into Hampton Creek in response to a Bloomberg report that the Just Mayo maker used undercover contractors to purchase its non-egg mayonnaise product in bulk not long before HC raised $90 million...more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 7.21.16

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The Treasury Dept’s Office of Financial Research has found that money-market funds are increasingly entering into direct repurchase loans with large investors and insurers—another sign that “participants in short-term lending...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 3.14.16

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Even as oil prices are rebounding and bringing some welcome hope to battered markets, the Journal worries that “this rally could lead to its own demise,” as higher prices “will likely encourage shale producers to ramp up...more

Carlton Fields

In Flannery v. SEC, First Circuit Rebukes Commission, Signals Departure from Deferential Review

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On December 8, 2015, the U.S. Court of Appeals for the First Circuit ruled in Flannery v. SEC that the Securities and Exchange Commission lacked substantial evidence in finding securities law violations by two executives in...more

Ballard Spahr LLP

Elimination Of Regional Breakouts In Freddie Mac PMMS Creates Uncertainty In New York

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Freddie Mac's Primary Mortgage Market Survey (PMMS) no longer provides regional breakouts for the 15-year and 30-year fixed-rate mortgages, or the 5/1 hybrid ARM. Every week, lenders throughout the country are surveyed on the...more

Morgan Lewis

CFPB Issues First Appellate Ruling

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In affirming its own decision, the Consumer Financial Protection Bureau (CFPB) leaves few protections for targets in its administrative enforcement proceedings. If you are subject to a CFPB administrative proceeding, or...more

Dorsey & Whitney LLP

Is the SEC a Toothless Watch Dog?

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SEC enforcement actions are supposed to halt violations, protect investors and the markets, act as a deterrent and prevent a future repetition of wrongful conduct. To facilitate those goals settlements typically incorporate...more

Orrick - Finance 20/20

Second Circuit Affirms Dismissal of Class Action Alleging That RBS Mislead Investors About RMBS Exposure

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On April 15, 2015, the U.S. Court of Appeals for the Second Circuit affirmed the dismissal of a putative investor class action against the Royal Bank of Scotland (RBS). The plaintiffs had brought claims under Sections 10(b)...more

Ballard Spahr LLP

Update on state AGs/regulator lawsuits using Dodd-Frank authority

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Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is...more

Sheppard Mullin Richter & Hampton LLP

Second Circuit Notes Split with Ninth Circuit Over Whether Failure to Make Adequate Disclosures Under Item 303 of Regulation S-K...

In Stratte-McClure v. Morgan Stanley, No. 13-0627-cv, 2015 WL 136213 (2d Cir. Jan. 12, 2015), the United States Court of Appeals for the Second Circuit affirmed the dismissal of securities fraud claims against Morgan Stanley...more

Ballard Spahr LLP

New York DFS Extends Emergency Subprime Calculation Rule

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The New York Department of Financial Services (DFS) recently extended for 90 days its emergency rule adjusting the criteria for determining when a Federal Housing Administration (FHA) mortgage loan is classified as subprime....more

Ballard Spahr LLP

Trade groups take aim at NY Times call for CFPB action on subprime auto loans

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Two leading industry trade groups have disputed a recent New York Times editorial entitled “When a Car Loan Means Bankruptcy,” which attempted to draw parallels between subprime auto loans and subprime mortgage loans. The...more

Dechert LLP

DOJ Probes Subprime Auto-Lending under FIRREA

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Two of the largest subprime auto-lenders disclosed last week that they have received subpoenas from the U.S. Department of Justice (DOJ). The U.S. Attorney’s Office for the Southern District of New York is leading an...more

Orrick - Finance 20/20

FHFA Wins Summary Judgment That It Did Not Have Actual Knowledge of RMBS Misrepresentations

On July 30, Judge Denise Cote of the United States District Court for the Southern District of New York granted the motion for partial summary judgment brought by FHFA, as conservator for Fannie Mae and Freddie Mac. ...more

Ballard Spahr LLP

New York Passes Legislation To Reduce Number of FHA Loans That Would Be Classified as Subprime

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The New York Assembly recently passed a bill that would result in fewer FHA loans being classified as “subprime” under Section 6-M of the New York Banking Law. ...more

Ballard Spahr LLP

N.Y. Department of Financial Services Amends Terms Governing Subprime Loans

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The New York Department of Financial Services (DFS) has amended certain terms governing subprime loans under Part 43 of the General Regulations of the Superintendent. The amendment was adopted on March 19, 2014, and is...more

Bilzin Sumberg

Wells Fargo Gives Subprime Borrowers Another Chance

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Wells Fargo has announced that it plans to begin originating FHA-backed loans for borrowers with credit scores as low as 600. This new cut-off is 40 points below Wells Fargo’s current floor, and 20 points below what has...more

Bilzin Sumberg

Derivative Suit Filed Against JPMorgan Alleges Culture of Risk

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Adding to JPMorgan Chase’s widely publicized recent legal woes, shareholder Bradley P. Miller filed a derivative suit against the bank and its directors in California federal court on January 23, 2014, as a result of the $20...more

Bilzin Sumberg

BofA $1.4 Billion Settlement Talks with Freddie Mac

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Bank of America and Freddie Mac are currently attempting to resolve a mortgage repurchase dispute in which Freddie Mac claims that Bank of America should have to buy back more than $1.4 billion in mortgage loans it claims...more

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