Hints and tips:
...et al v....
...The decision reversed an important victory that the government secured three years ago in a high-profile case over defective home loans known as “the Hustle”....
...Last August it paid $1.2bn to resolve a related action from a different US government agency, the Federal Housing Finance Agency....
...In 2008, both stepped in: JPMorgan bought the ashes of Bear Stearns and Washington Mutual, while BofA bought failing mortgage lender Countrywide and brokerage Merrill Lynch....
...BofA had argued the claims, many relating to mortgages originated by Countrywide, the California-based lender bought by BofA in 2008, were excessive....
...- Five hits from Scott Sumner, on the eurozone, FOMC, et al....
...Clayton reviewed a small sample of loan files – typically five to 10 per cent – for securities issuers that wanted to purchase loans from originators such as New Century Financial, Countrywide Financial,...
...Financial and Washington Mutual, due to lack of evidence....
...California, home to the largest US property market, spurned an offer of roughly $15bn in lower monthly mortgage payments and reduced loan balances for its residents in talks to settle allegations of mortgage-related...
...The case (now called FCC v. Fox Television Stations et al) was appealed to the US Supreme Court, where it was debated on Tuesday....
...Bank of America has taken a big step towards resolving claims that its Countrywide Financial unit sold loans based on faulty information by agreeing to pay $2.6bn to Fannie Mae and Freddie Mac, the FT reports...
...BofA also said it would take a $2bn writedown on its home loan and insurance business....
...As well as redefaults by modified mortgages, many homes are these days worth less than the size of the loan....
...Countrywide, America’s largest mortgage lender, was bailed out by Bank of America. Others, such as Indy Mac, American Home Mortgage and New Century Mortgage, died with nary a whimper....
...It underlines how France Telecom et al in Europe may also find it hard to get the technology company to pay....
...Although Fannie and Freddie were “government-sponsored entities”, Washington faced no legal obligation to absorb their losses....
...Countrywide Home Loans Servicing LP, et al is ostensibly brought on behalf of a class of purchasers of certain mortgage pass-through certificates for which CWALT, Inc. and various issuing trusts filed registration...
...Credit card loans originated by Washington Mutual, the troubled bank bought by JPMorgan Chase last September, are defaulting at a staggering rate of 24 per cent....
...Bank of America also said last month it would modify mortgages for almost 400,000 borrowers with home loans from Countrywide, the mortgage lender it acquired this year....
...That was short-lived, as Lewis struck deals to acquire Fleet Financial Group in 2003, MBNA in 2005, LaSalle Bank in 2007 and Countrywide Financial shortly thereafter....
...Recommended discourse: JCK et al at Alea....
...Shame Michael Moore et al were not listening to him back then....
...Countrywide Financial, Washington Mutual and First Horizon Financial have the largest exposures as a proportion of total loans, with home equity loans representing more than 20 per cent of their total loan...
...Schemes from Washington so far to ease the pain have included the Treasury’s “Hope Now” initiative to try reducing the impact of home loan resets and looser capital requirements for Fannie and Freddie to...
...unsecured personal loans....
International Edition