mortgage securitizations
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File under “things you never knew the Fed did during the financial crisis”: an $80 billion loan scheme known as ST OMO, which was so obscure that even Barney Frank had no idea it existed when he required the Fed to turn over its lending data in his Dodd-Frank bill. In any case, Bloomberg’s Bob Ivry has the details, thanks to a FOIA which went all the way to the Supreme Court. As with most of these things, it’s impossible to work out what the Fed was so worried about — but it’s easy to see how the Fed made it as hard as possible for Ivry to get information on ST OMO.
Fed 0.01% loans to European banks after Lehman collapse
Warning : This is a long blog post. But if you follow mortgage servicing, I think you’ll find it worth reading.
The Servicing Fraud Settlement: the Real Game - Credit Slips
Short Sales
Housing double dip could be coming: MacroMarkets « HousingWire
A double-dip in housing could arrive this year with national home prices only 1% away from a new "post-crash low," MacroMarkets said in its March 2011 Home Price Expectation Survey. MacroMarkets compiled the report by gathering the opinions of more than 100 economists, real estate experts and investment and market strategists.Reverse mortgages
Fannie Mae REO Homes For Sale - HomePath.com
Important Reminder HomePath and this downloading function are only for individual, non-commercial use and for individuals and entities transacting business with Fannie Mae.
Tracking Potential Bank Litigation Losses - Deal Journal - WSJ
Companies have long had to disclose legal liabilities in their regulatory filings, but a friendly reminder of these rules from the the SEC drove these disclosures, reports the WSJ .
The Risks of the Mortgage Mess: The Banks' View - DailyFinance
HSBC ( HBC ) got plenty of attention when it disclosed that it had suspended foreclosures in its annual report Monday. But its annual report -- as well as other big banks' reports -- also contained plenty of additional nuggets about the mortgage mess, especially in the risk disclosures , which are required to be written in plain English and to include "the most significant factors that may adversely affect the company's business, operations, industry, financial position or future financial performance." I waded through the recently filed annual reports from Bank of America ( BAC ), JPMorgan Chase ( JPM ), Citigroup ( C ), Wells Fargo ( WFC ) and HSBC to see how each institution framed the threat that the mortgage mess and the foreclosure crisis pose to their businesses.
Judge OKs Countrywide settlement but big investors opt out - Los Angeles Times
Major investors opting out of a $624-million class-action settlement with Countrywide Financial Corp. said they would have recouped less than 5% of their losses on the mortgage lender's stock had they accepted the agreement. "A settlement on behalf of my clients would have to be a material multiple of that amount," said Blair Nicholas of San Diego, a lawyer for the California Public Employees' Retirement System and 15 other institutional investors.
Allstate Corp ., the largest publicly traded U.S. home and auto insurer, sued units of Citigroup Inc . and Deutsche Bank AG over claims they fraudulently sold hundreds of millions of dollars of mortgage-backed securities.
Allstate Sues Citigroup, Deutsche Bank Over Securities - Bloomberg
NEWARK -- State Supreme Court Chief Justice Stuart Rabner made a splash in December when he ordered six of the nation's biggest mortgage lenders into court to show why their foreclosure operations shouldn't be suspended over reports of widespread irregularities.
6 of the biggest mortgage lenders say N.J. high court overstepped its boundaries | NJ.com
In Frank Capra’s “It’s a Wonderful Life,” when Ed lost his job and missed a few payments, he didn’t lose his house. He went to see George Bailey, executive secretary of his mortgage lender, the Bailey Brothers Building and Loan, and they worked things out.
Connecticut Law Tribune: Forensic Accounting And Valuation Litigation: Finding Out Who Really Holds The Note
OCC - Office of the Comptroller of the Currency, Administrator of National Banks
04/27/2012 NR 2012-70, OCC Appoints Receiver for Palm Desert National Bank, Palm Desert, CAU.S. regulators subpoenaed JPMorgan Chase & Co. , Citigroup Inc., Bank of America Corp., Goldman Sachs Group Inc. and Wells Fargo & Co., seeking information on the banks’ role in bundling mortgages for sale to investors, a person familiar with the matter said. The Securities and Exchange Commission subpoenas asked the banks for details on how mortgages were selected and bundled into securities, said the person, who declined to be identified because the probe isn’t public. Reuters reported the SEC probe earlier today, saying the subpoenas were sent last week.