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Mortgage Crisis Watch Business and legal issues affecting: loan repurchases | mortgage-backed securities | mortgage insurance

Tag Archives: aggregators

TBTF Servicing: Another Issue for Originators to Consider

By Robert Siegel and Russell Koonin on Posted in Mortgage Repurchase, Too Big to Fail

Shocking Statistics from Foreclosure Review As widely reported recently, close to 1.2 million borrowers (about 30% of the more than 3.9 million households that faced foreclosure proceedings by the 11 leading financial institutions in 2009 and 2010), had to battle purported wrongful seizures of these properties. These battles were frequently waged despite the borrowers not… Continue Reading

Important Buyback Victory

By Philip R. Stein on Posted in Legislation/Regulation, Mortgage Repurchase, Too Big to Fail

Order Severing Claims and Requiring Supplemental Briefing There was a very favorable development recently in one of my buyback cases. The federal district court in Miami issued a final order that has great potential application to other buyback suits, whether already pending or merely threatened at this point. The ruling is not something that other courts… Continue Reading

Gotcha! Originators Beware of Baseless Claims

By Robert Siegel on Posted in Mortgage Repurchase, Too Big to Fail

Baseless Claims Just about every time I think that the demands being asserted on residential mortgage loan originators for mortgage loan “repurchases” or indemnification payments (on account of loans that were originated years ago during the height of the mortgage crisis) could not possibly be any more baseless, yet another claim comes along that proves… Continue Reading

Are Mortgage Repurchase Demands a Case of Revisionist History?

By Robert Siegel and Philip R. Stein on Posted in Mortgage Repurchase, Too Big to Fail

As we noted in a previous blog post, we believe that big aggregators of residential mortgage loans are attempting to revise history when they claim that they believed all along that all risk of borrower misrepresentations fell on correspondents. We expand on this idea, and comment further on repurchase claims generally, in the article that… Continue Reading