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Facing Criminal Charges? Geithner was arrested and released!

Facing Criminal Charges? Geithner was arrested and released!


by

“What a tangled web we weave, When at first we practice to deceive”

 

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Wall Street’s New Nightmare: The Next Wave Of Mortgage-Backed Securities Claims

Wall Street’s New Nightmare: The Next Wave Of Mortgage-Backed Securities Claims


In case you want a refresher of Attorney Kathy Patrick you can read a letter from Attorneys for Bank of America, who fired back at her on November 4, 2010 about her “baseless allegations”.

Her $8.5 billion Bank of America settlement over bad mortgage deals was just the beginning. Now, backed by bond giants Pimco and BlackRock, Texas lawyer Kathy Patrick is gearing up for a new legal assault on the financial industry.

[FORBES]

Hmmmm…. Could we get any warmer?

 IN RE WELLS FARGO MORTGAGE-BACKED CERTIFICATES LITIGATION.

Consolidated Class Action No. 09-CV-1376-LHK (PSG).
United States District Court, N.D. California, San Jose Division.
October 13, 2011.

Kathy D. Patrick-Texas Bar No. 15581400, Scott A. Humphries-Texas Bar No. 00796800, Gibbs & Bruns LLP, Houston, Texas, Email: kpatrick@gibbsbruns.com, Email: shumphries@gibbsbruns.com.
.

(Pending Pro Hac Vice Admission), Charles M. Kagay-CBN 73377, Spiegel Liao & Kagay, LLP, San Francisco, California, Email: cmk@slksf.com, Attorneys for Neuberger Berman Europe, Ltd. and Bayerische Landesbank.

ORDER GRANTING APPLICATION FOR ADMISSION OF ATTORNEY ATTORNEY PRO HAC VICE

LUCY H. KOH, District Judge.

Kathy D. Patrick, whose business address and telephone number is 1100 Louisiana Street, Suite 5300, Houston, Texas 77002, (713) 650-8805 and who is an active member in good standing of the bar of Texas having applied in the above-entitled action for admission to practice in the Northern District of California on a pro hac vice basis, representing Neuberger Berman Europe, Ltd., as Agent for Sealink Funding, Ltd. and Bayerische Landesbank.

IT IS HEREBY ORDERED THAT the application Is granted, subject to the terms and conditions of Civil L.R. 11-3. All papers filed by the attorney must indicate appearance pro hac vice. Service of papers upon and communication with co-counsel designated in the application will constitute notice to the party. All future filings in this action are subject to the requirements contained in General Order No. 45, Electronic Case Filing.

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Handy X-notes allow banks to keep profiting while real estate bonds they sold to investors tank

Handy X-notes allow banks to keep profiting while real estate bonds they sold to investors tank


H/T Pedro da Costa

As always the same players, never fails.

Reuters-

Europe’s muted commercial property debt securitisation market will not return to a multi-billion pounds business until a row is settled over controversial X-Notes, a bond used by issuing banks to protect their slice of profits.

“X-Notes are one of the biggest issues facing European CMBS, because (when the underlying loans fail) investors see the bank that issued the transaction still making a fortune, they’re actually quite hacked off,” one source told Reuters.

[REUTERS]

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While Fighting To Block SEC Investigation Of Goldman Sachs, Rep. Darrell Issa Bought Goldman Sachs Bonds

While Fighting To Block SEC Investigation Of Goldman Sachs, Rep. Darrell Issa Bought Goldman Sachs Bonds


According to documents filed recently with the House Clerk, Issa went on a buying spree of high yield Goldman Sachs bonds at the same time he was running defense for the investment bank in Congress.

ThinkProgress-

Oversight Committee Chairman Rep. Darrell Issa (R-CA) raised hell last year to stop the federal government from investigating Goldman Sachs regarding allegations that the company defrauded investors. In April 2010, shortly after the Securities and Exchange Commission (SEC) announced a civil suit against Goldman Sachs, Issa sent a letter to SEC Chairwoman Mary Schapiro demanding to know if there was “any sort of prearrangement, coordination, direction from, or advance notice” between the SEC and the Obama administration or congressional Democrats over the timing of the lawsuit.

Continue reading [THINKPROGRESS]

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NATIONAL CREDIT UNION ADMINISTRATION BOARD v. JPMORGAN SECURITIES

NATIONAL CREDIT UNION ADMINISTRATION BOARD v. JPMORGAN SECURITIES


IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF KANSAS

NATIONAL CREDIT UNION
ADMINISTRATION BOARD, as
Liquidating Agent of U.S. Central Federal
Credit Union Western Corporate Federal
Credit Union, Members United Corporate
Federal Credit Union, and Southwest
Corporate Federal Credit Union,

v.

J.P. MORGAN SECURITIES LLC., J.P.
MORGAN ACCEPTANCE
CORPORATION I, AMERICAN HOME
MORTGAGE ASSETS LLC, INDYMAC
MBS, INC., and BOND
SECURITIZATION, LLC
,

[ipaper docId=58313591 access_key=key-3fabu8obe8zi8bw2hda height=600 width=600 /]

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NATIONAL CREDIT UNION ADMINISTRATION BOARD v. RBS SECURITIES

NATIONAL CREDIT UNION ADMINISTRATION BOARD v. RBS SECURITIES


IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF KANSAS


NATIONAL CREDIT UNION
ADMINISTRATION BOARD, as
Liquidating Agent of U.S. Central Federal
Credit Union,

v.

RBS SECURITIES, INC., f/k/a
GREENWICH CAPITAL MARKETS, INC.,
GREENWICH CAPITAL ACCEPTANCE,
INC., FINANCIAL ASSET SECURITIES
CORP., FREMONT MORTGAGE
SECURITIES CORP., RESIDENTIAL
FUNDING MORTGAGE SECURITIES II,
INC., INDYMAC MBS, INC., NOVASTAR
MORTGAGE FUNDING CORP.,
NOMURA HOME EQUITY LOAN, INC.,
LARES ASSET SECURITIZATION, INC.,
SAXON ASSET SECURITIES CO., and
WACHOVIA MORTGAGE LOAN TRUST,
LLC,

[ipaper docId=58313347 access_key=key-po3c7c8bbfaih107t49 height=600 width=600 /]

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SEC could file civil fraud charges against some credit-rating agencies

SEC could file civil fraud charges against some credit-rating agencies


REUTERS-

(Reuters) – U.S. regulators could file civil fraud charges against some credit-rating agencies for their role in developing mortgage-bond deals that helped bring about the financial crisis, the Wall Street Journal reported, citing people familiar with the matter.

The Journal said the Securities and Exchange Commission was reviewing the conduct of companies including McGraw Hill’s Standard and Poor’s and Moody’s Investors Service owned by Moody’s Corp on at least two mortgage-bond deals.

continue reading [REUTERS]

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HARVARD PAPER: LEGAL AND ECONOMIC ISSUES IN LITIGATION ARISING FROM THE 2007-2008 CREDIT CRISIS

HARVARD PAPER: LEGAL AND ECONOMIC ISSUES IN LITIGATION ARISING FROM THE 2007-2008 CREDIT CRISIS


Jennifer E. Bethel*
Allen Ferrell**
Gang Hu***

ABSTRACT

This paper explores the economic and legal causes and consequences of the 2007-2008 credit crisis. We provide basic descriptive statistics and institutional details on the mortgage origination process, mortgage-backed securities (MBS), and collateralized debt obligations (CDOs). We examine a number of aspects of these markets, including the identity of MBS and CDO sponsors, CDO trustees, CDO liquidations, MBS insured and registered amounts, the evolution of MBS tranche structure over time, mortgage originations, underwriting quality of mortgage originations, and write downs of the commercial and investment banks. In light of this discussion, the paper then addresses questions as to whether these difficulties might have been foreseen, and some of the main legal issues that will play an important role in the extensive litigation (summarized in the paper) that is underway, including the Rule 10b-5 class actions that have already been filed against the banks, pending ERISA litigation, the causes-of-action available to MBS and CDO purchasers, and litigation against the rating agencies. In the course of this discussion, the paper discusses three distinctions that will likely prove central in the resolution of the securities class action litigation: (1) “no fraud by hindsight”; (2) “truth on the market”; and (3) loss causation.
*

Click below to continue …

HARVARD
JOHN M. OLIN CENTER FOR LAW, ECONOMICS, AND BUSINESS
LEGAL AND ECONOMIC ISSUES IN LITIGATION
ARISING FROM THE 2007-2008 CREDIT CRISIS

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Bank of America Lawyers Demand Names in Mortgage-Bond Fight With Investors

Bank of America Lawyers Demand Names in Mortgage-Bond Fight With Investors


By Jody Shenn and David Mildenberg – Nov 5, 2010 4:21 PM ET

Bank of America Corp., responding to the attorney for a bondholder group that’s pushing the bank to repurchase soured home loans, demanded proof the lawyer is authorized to mount an attack on behalf of investors including units of BlackRock Inc. and MetLife Inc.

Wachtell, Lipton, Rosen & Katz’s Theodore N. Mirvis is among lawyers for Bank of America who said in a letter yesterday to Houston-based Gibbs & Bruns LLP’s Kathy Patrick that they want the names of individuals who approved signatures on a letter Patrick sent the Charlotte, North Carolina-based lender last month. They also want to know whether the board of directors for the bondholders Patrick said she represents approved signing of her correspondence.

“Troubling aspects of your letter strongly suggest that it was written for an improper purpose, or in furtherance of an ulterior agenda,” Bank of America’s attorneys wrote, saying they see no need to take action in response to Patrick’s letter.

Investors are stepping up efforts to recoup losses on mortgage bonds, which plummeted in value amid the worst slump in home prices since the 1930s. Bank of America Chief Executive Officer Brian T. Moynihan said Oct. 19 the lender will “defend our shareholders” by disputing any unjustified demands for mortgage buybacks.

Bank of America’s lawyers said they couldn’t determine “whether any investigation of your allegations is warranted” unless Patrick proves her clients own as much of the bonds created by the bank’s Countrywide Financial Corp. unit as they claim. Patrick also needs to show on a deal-by-deal basis how the bank is falling short of its responsibilities in servicing the home loans in the 115 securitizations at issue, they said.

Moynihan’s Surprise

Moynihan, 51, said yesterday that he was surprised by the Oct. 19 letter from investors, which included the Federal Reserve Bank of New York.

Moynihan’s company has resolved other debt disputes with the investors, and he has called BlackRock CEO Larry Fink to discuss the mortgage buyback issue, he said.

Patrick declined to comment.

Jerry Dubrowski, a spokesman for Bank of America, confirmed the letter’s authenticity and declined to comment further.

Lawyers Brian E. Pastuszenski of Goodwin Procter LLP and Marc T.G. Dworsky of Munger, Tolles & Olson LLP also signed the yesterday’s letter to Patrick, which was reported earlier today by the New York Times.

Do Not Print Letter Below (Poor quality and might not come out)

[ipaper docId=41405566 access_key=key-1ajd5uhf38y18hutsz68 height=600 width=600 /]

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