Alison Frankel: Banks should fear ominous new rulings in Fannie/Freddie MBS cases

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Alison Frankel: Banks should fear ominous new rulings in Fannie/Freddie MBS cases

Alison Frankel: Banks should fear ominous new rulings in Fannie/Freddie MBS cases

Lets recap who the losers thus far:

Bank of America Loses Bid to Dismiss FHFA Mortgage Bonds

Deutsche Bank loses bid to end FHFA mortgage lawsuit

Goldman Sachs fails to end FHFA mortgage lawsuit

JPMC loses big ruling in Fannie/Freddie MBS suit

Reuters-

JPMorgan Chase filed quite a remarkable quarterly report with the Securities and Exchange Commission on Thursday, crammed with far more details about its exposure to litigation and mortgage repurchase demands than the earnings report the bank issued in mid-October. Among the revelations: JPMorgan has reached an agreement in principle to settle two SEC investigations, one involving a single unidentified JPMorgan securitization, the other involving Bear Stearns’s crafty (alleged) trick of keeping put-back recoveries from mortgage originators for itself instead of passing them on to investors in mortgage-backed securities trusts. The SEC deal has been long rumored, and though we still don’t know any of its terms, the bank’s filing confirms it.

[REUTERS On The Case]

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One Response to “Alison Frankel: Banks should fear ominous new rulings in Fannie/Freddie MBS cases”

  1. Elaine Williams says:

    The tides are slowly turning. The banks have had it their way for decades – finally!

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