Tracking Potential Bank Litigation Losses - Deal Journal.
Gibbs & Bruns LLP. Securitization Flaws May Lead Investors to Fight Mortgage Deals. Potential paperwork errors on some of the $1.34 trillion of securitized home mortgages may give investors an opening to challenge the legality of deals, threatening to unnerve financial markets, according to Joshua Rosner, managing director at Graham Fisher & Co.
Some loans to borrowers with poor credit before 2007 may not have been transferred to mortgage trusts in the manner required by their pooling and servicing agreements. That raises questions about the ownership of the loans and may allow investors to force lenders to buy back the securities, Rosner wrote yesterday in a note to clients. The failure to include MBS trust names on documents and to properly assign loans to the trust may encourage MBS holders to challenge the entire securitization, rather than press lenders to take back individual loans that were fraudulently issued, according to Rosner, whose firm advises investors and regulators.
U.S. sues to block Ambac rehabilitation plan: filing. Frequently Asked Questions (answers) Ambac seeks to settle with Wisconsin, creditors, lawyer says. Ambac Financial Group Inc., the bankrupt holding company for a failed bond insurer, is in talks with creditors and regulators over how $7.3 billion in net operating losses are allocated, an Ambac lawyer said in court.
Separately, Daniel Filor, a lawyer for the U.S. attorney's office, told the judge that the government believes a dispute over Ambac Financial's tax refund should be moved from bankruptcy court in New York to federal district court. Why Ambac's Subprime Securities Suit Settlement is Noteworthy : The D & O Diary. In its December 15, 2010 filing of Form 8-K (here), Ambac Financial Group announced that it had entered a memorandum of understanding to settle the subprime-related securities class action lawsuits pending against the company and certain of its directors and officers for a payment of $27.1 million, of which $24.6 million is to be paid by the company’s D&O insurers.
UPDATE: An informed source advises that in addition to the settlement on behalf of Ambac and its directors and officers, the plaintiffs in this case also entered a separate $5.9 million settlement with Ambac’s offering underwriters, bringing the total value of this settlement to $33 million. The settlement is interesting in and of itself, but it is also interesting for the perspective it provides on the mountain of remaining unresolved subprime and credit crisis-related securities suits, as discussed below. Accusations Fly in a Faulty-Mortgage Lawsuit. Ritholtz: Too Bad Banks Missed Out On the GM Treatment. It has become a national embarrassment.
The bank bailout plan was ill conceived and poorly executed. Mike Lux: The Big Banks' Battle Against Consumers and Homeowners. There is a battle going on -- a big one -- and big battles have a lot of fronts.
The big banks are doing whatever they can to fight back against consumers and homeowners who are desperately trying to curb the bankers' abuses. The number of different fronts that have been opened up keeps growing. Here are just a few of the most important ones: 1. In D.C., the biggest battle is over the new Consumer Financial Protection Bureau. Political Economy - Obama economy officials, bank execs and mortgage electronic registry head to hot seat on Capitol Hill. The second congressional hearing on the foreclosure mess -- to be held Thursday at 10 a.m. by Rep.
Maxine Waters's Subcommittee on Housing and Community Opportunity -- may provide some insight into the history of robo-signing and the perhaps more serious issue of title transfers. The very robust witness list includes representatives from the patchwork of federal regulatory agencies that share responsibility for overseeing banks. John Walsh's testimony is likely to be of special interest since he's in charge of the Office of the Comptroller of the Currency, the primary regulator of the large banks that froze foreclosures. On the second panel, R.K. Ambac Financial’s Rehabilitation Plan Raises Concerns. Wisconsin Insurance Commissioner Sean Dilweg Takes Action to Protect Ambac Assurance Corporation... MADISON, Wisc., Nov. 8, 2010 /PRNewswire-USNewswire/ -- The Wisconsin Office of the Commissioner of Insurance (OCI) today took action to protect policyholders and creditors of the Segregated Account of Ambac Assurance Corporation (Segregated Account).
OCI filed a Motion for Temporary Supplemental Injunctive Relief in the Dane County Circuit Court in Wisconsin. Commissioner Sean Dilweg said that immediate action by the Court was necessary to protect policyholders and other claimants from potentially significant reductions in the available claims-paying resources for Ambac Assurance Corporation (AAC) and the Segregated Account. The Court today granted an order, supplementing an existing injunction granted by the Court on March 24, 2010. Why Elizabeth Warren Could Be Obama’s Best Hope to Get the Masses Back on His Side. I came up with the idea for this consumer financial-protection agency,” says Elizabeth Warren, President Obama’s controversial new head of the very thing she invented.
Form 8-K. IAIS - International Association of Insurance Supervisors - International Association of Insurance Supervisors. Ambac Policyholders Information Center - Court Filings. Insurance Practice - Parrett & O'Connell, LLP. Nationally recognized for their insurance expertise, Noreen Parrett and Connie O’Connell have been involved in state and national insurance regulation for over 50 years combined.
They have provided corporate, transactional and regulatory services to Wisconsin domiciled, foreign and alien insurance companies, reinsurers, and insurance trade associations. Parrett & O’Connell maintain their knowledge of the industry and its issues through insurance-related activities, including attendance at the NAIC quarterly meetings and participation in insurance trade associations. Their positive reputation is based on their experience and knowledge as well as their prompt service and consistently superior work product.
Experience includes: Formation of insurance companies, complete with all service agreements and reinsurance agreements necessary for them to begin their business with the minimum of delay. Noreen Parrett has a national reputation in insurance guaranty fund law. Wisconsin Commissioner of Insurance Home Page. Lardner LLP. Ambac%20-%20Verified%20Petition%20for%20Order%20of%20Rehabilitation%203-24-10. Lardner LLP - Our People - David G. Walsh. David G.
Walsh, a retired partner with Foley & Lardner LLP and former managing partner, was a member of the firm’s Government & Public Policy Practice and the Sports Industry Team. He has represented communications entities for over 30 years, developing particular skill in cable television and telecommunications law. Mr. Walsh has served as primary counsel in a number of significant litigations involving telecommunications law, including successful challenges to municipal and state regulation of the cable television industry and telephony issues. He has assisted cable television companies and competitive local exchange carriers in all aspects of their business, including corporate structuring, franchising, and facility siting. Mr. Mr. Mr. He served as a member of the firm's Management Committee from 1993 - 2002.
Mr. Lardner LLP - Our People - Michael B. (Mike) Van Sicklen. Michael B. Van Sicklen is a partner with Foley & Lardner LLP and was head of the Madison office Litigation Team for 10 years. He is a member of firm’s Business Litigation & Dispute Resolution and Bankruptcy & Business Reorganizations Practices, as well as the Appellate and Insurance & Reinsurance Litigation Practices.
Mr. Van Sicklen’s practice focuses on commercial litigation, debtors/creditors rights and appellate practice. Lardner LLP - Our People - Matthew R. (Matt) Lynch. Matthew Lynch is senior counsel at Foley & Lardner LLP and is a member of the firm’s Business Litigation & Dispute Resolution, Construction, Consumer Financial Services, and Privacy, Security & Information Management Practices.
Mr. Lynch represents and counsels clients in a wide variety of complex business disputes, including insurer delinquency and other state insolvency proceedings, shareholder and securities disputes, construction litigation, data privacy matters, and all types of contract and statutory claims. In 2012 and 2013, Mr. Lynch was included in the Wisconsin Super Lawyers – Rising Stars® list for his work in business litigation. Prior to joining Foley, Mr. Mr. Mr.
Mr. Welcome to Jefferies. Gordian Group - Gordian Homepage - Distressed Investment Banking - Financial Advisory. Stat0611. Robert E. Nolan Company, Management Consultants. Ambac May Seek Bankruptcy After Regulators Step In. The Ambac Financial Group warned again on Thursday that it might seek bankruptcy protection after state regulators took control of some of the bond insurer’s most troubled assets, The Associated Press reports. The news sent the company’s already devalued stock into a tailspin. The Wisconsin insurance commissioner, Sean Dilweg, on Wednesday ordered the company’s main operating subsidiary, Ambac Assurance, which is based in that state, to set up a segregated account for policies related to risky structured finance transactions. Those include the credit-default swaps and residential mortgage-backed securities held by major Wall Street banks that helped to accelerate the national financial crisis. Ambac Financial Group, Inc.
US Trustee Sides With Borrowers in Foreclosures With Questionable Assignments, MERS.
RMBS Policyholders Comment on Ambac Rehabilitation Plan. Ambac Sues Bank of America Over Countrywide Bonds. S&P cuts Ambac Financial to 'D' on skipped payment.