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New York Attorney General Probing Bank of America Accord, Seeks Client Data

New York Attorney General Probing Bank of America Accord, Seeks Client Data


“Leaders do what needs to be done, when it needs to be done, whether they want to or not, without being asked”

Bloomberg-

Bank of America Corp. (BAC)’s proposed $8.5 billion settlement over mortgage-securitization trusts is being probed by New York Attorney General Eric Schneiderman, who is seeking client information from more than 20 companies.

Schneiderman’s office sent letters dated July 7 to the companies, including Goldman Sachs Group Inc. (GS), BlackRock Inc. (BLK) and TCW Group Inc., regarding their participation in Bank of America’s proposed deal. He is asking for the information by tomorrow.

The information was requested in connection with an investigation by the office “into certain matters related to securitization of residential mortgages,” according to the letters.

[BLOOMBERG]

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The Swindler and the Home Loans – Gretchen Morgenson

The Swindler and the Home Loans – Gretchen Morgenson


NYT

HOLDING banks accountable for all those disastrous mortgages has been remarkably difficult. But last week, a big bank agreed to pay a price: Bank of America announced that it would part with $8.5 billion to settle claims that its Countrywide Financial unit had packaged garbage loans into investments that were said to be safe.

That is good news for investors, as these things go. But another, lesser-known case now winding its way through the courts may help others recover losses from lenders who dealt in risky mortgages and claimed that they had no duty to their customers.

Continue reading [NEW YORK TIMES]

[ipaper docId=59212998 access_key=key-2iecrsh12607lpl0er9o height=600 width=600 /]

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READ | Bank of America Settlement Agreement w/ Mortgage Bondholders Investors 6/29/2011

READ | Bank of America Settlement Agreement w/ Mortgage Bondholders Investors 6/29/2011


SETTLEMENT AGREEMENT

This Settlement Agreement is entered into by and among (i) The Bank of New York Mellon (f/k/a The Bank of New York) in its capacity as trustee or indenture trustee of certain mortgage-securitization trusts identified herein (“BNY Mellon” or the “Trustee”), and (ii) Bank of America Corporation (“BAC”), and BAC Home Loans Servicing, LP (“BAC HLS”) (collectively, “Bank of America”) and Countrywide Financial Corporation (“CFC”) and Countrywide Home Loans, Inc. (“CHL”) (collectively, “Countrywide”).

WHEREAS, BNY Mellon is the trustee or indenture trustee for the trusts corresponding to the five hundred and thirty (530) residential mortgage-backed securitizations listed on Exhibit A hereto (the “Covered Trusts”);

WHEREAS, Countrywide sold Mortgage Loans, which served as collateral for the Covered Trusts;

WHEREAS, the Trustee, CHL, and/or BAC HLS are parties to the Pooling and Servicing Agreements and in some cases Sale and Servicing Agreements and Indentures governing the Covered Trusts (as amended, modified, and supplemented from time-to-time, the “Governing Agreements”), and CHL, Countrywide Home Loans Servicing, LP, and/or BAC HLS has acted as Master Servicer for the Covered Trusts (“Master Servicer”);

WHEREAS, certain significant holders of certificates or notes representing interests in certain of the Covered Trusts and investment managers of accounts holding such certificates or notes (the “Institutional Investors,” as defined in more detail in the Institutional Investor Agreement) have entered into a separate Institutional Investor Agreement with the Trustee, Bank of America and Countrywide, the due execution of which is a condition to the effectiveness of this Settlement Agreement;

WHEREAS, allegations have been made of breaches of representations and warranties contained in the Governing Agreements with respect to the Covered Trusts (including alleged failure to comply with underwriting guidelines (including limitations on underwriting exceptions), to comply with required loan-to-value and debt-to-income ratios, to ensure appropriate appraisals of mortgaged properties, and to verify appropriate owner-occupancy

[…]

http://www.sec.gov/Archives/edgar/data/70858/000119312511176452/dex992.htm

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BofA near $8.5 billion settlement on securities

BofA near $8.5 billion settlement on securities


Lets do some math:

$8.5 Billion Settlement for (1) Investor case

$20-25 Billion Settlement for (1,xxx,xxx…) of Foreclosure Fraud cases

NOPE! Don’t add up!

Reuters

Bank of America Corp is close to a deal to pay $8.5 billion to settle claims from a group of powerful investors that lost money on mortgage-backed securities, a person familiar with the matter said on Tuesday.

The deal could embolden investors holding mortgage-backed securities filled with now-toxic home loans to pursue claims against other large mortgage lenders such as Wells Fargo & Co and JPMorgan Chase & Co, analysts said.

A settlement, first reported by The Wall Street Journal, would be the largest in the banking industry to date. It would also require approval by Bank of America’s board, which met on Tuesday to discuss it, according to the source.

Continue reading [REUTERS]

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NY Federal Reserve Release “A FORECLOSURE CRISIS” Paper on Securitization, MERS, Robo-Signing, Bifurcation

NY Federal Reserve Release “A FORECLOSURE CRISIS” Paper on Securitization, MERS, Robo-Signing, Bifurcation


“A Foreclosure Crisis”

written by
Thomas C. Baxter, Federal Reserve Bank of New York;
Stephanie Heller, Federal Reserve Bank of New York;
Frederick Miller, Gray Plant Mooty;
Linda J. Rusch, Gonzaga University School of Law
May 12, 2011

A Foreclosure Crisis

Problems with mortgage foreclosures have been in the headlines during the past several months. The media attention arises from several concerns. One concern relates to whether lending institutions have followed proper foreclosure procedure. Another reflects a popular misconception among many that a mortgage can become separated from the note it secures. Yet another concern arises out of the complexity of some of the structured transactions involving the mortgages.


Click image below to continue…

You might also like to read the following…

Judge Bufford, Judge Ayers, MERS & The UCC Committee

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BLOOMBERG | AIG’s $15.7 Billion Bid for Maiden Lane Mortgage Bonds Rejected by NY Fed

BLOOMBERG | AIG’s $15.7 Billion Bid for Maiden Lane Mortgage Bonds Rejected by NY Fed


The New York Fed will instead sell the assets individually and in blocks, the regulator said yesterday in a statement posted on its website. BlackRock Inc. (BLK), the New York Fed’s investment manager, will issue the first bid list next week, according to the statement.

“We had anticipated we would have the opportunity to buy these assets at a fair price by January 2011 and earn a return on them for the benefit of the U.S. taxpayer,” Mark Herr, a spokesman for New York-based AIG, said in an e-mailed statement. “Now, we must make up for lost time and lost earnings.”


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BLOOMBERG | AIG May Face Rivals in $15.7 Billion Bid for Assets Held by Fed

BLOOMBERG | AIG May Face Rivals in $15.7 Billion Bid for Assets Held by Fed


American International Group Inc. (AIG) may face rival bids to its $15.7 billion offer to repurchase mortgage-backed securities it was forced to turn over to the Federal Reserve Bank of New York during a rescue by taxpayers.

Barclays Plc (BARC) is among investors considering making a counter offer, the Financial Times reported, citing unidentified people familiar with the matter. Seth Martin, a Barclays spokesman in New York, declined to comment.

PURCHASE AGREEMENT
Binding Term Sheet
Pursuant to that certain Asset Purchase Agreement, dated as of December 12, 2008 (as amended to date, the “Asset Purchase Agreement”), by and among the sellers party thereto (such entities, the “Original Sellers”), Maiden Lane II LLC (“ML II”), as buyer, the Federal Reserve Bank of New York (the “FRBNY”), as controlling party, American International Group, Inc. (“AIG Inc.”) and AIG Securities Lending Corp., as AIG agent, ML II purchased from the Original Sellers tranches of residential mortgage-backed securities. Pursuant to that certain Credit Agreement, dated as of December 12, 2008 (as amended to date, the “Credit Agreement”) among ML II, as Borrower, the FRBNY, as Controlling Party and as Senior Lender, and The Bank of New York Mellon, as Collateral Agent, the FRBNY made a loan to ML II to finance the purchase of the assets (the “Senior Loan”). Capitalized terms used but not defined herein, shall have the meanings ascribed thereto in the Credit Agreement and if not defined therein, the meaning ascribed thereto in the Asset Purchase Agreement.
Set forth below is a summary of proposed terms under which AIG Inc. would propose to enter into a Purchase Agreement (the “AIG Inc. PA”) with ML II and FRBNY, as Senior Lender and Controlling Party, pursuant to which one or more Buyers (as defined below) would purchase from ML II all of the assets (other than cash) owned by ML II as of the Cut-Off Date set forth below (each such asset, individually, an “Asset”, and collectively, the “Assets”).
I.
PARTIES
Seller: ML II
Buyer(s): AIG Inc. and certain direct or indirect subsidiaries, including insurance company subsidiaries (such subsidiaries, the “Insurance Companies”)
Senior Lender: FRBNY
Controlling Party: FRBNY
II.
PURCHASE AGREEMENT
Signing Date: A date agreed to by the parties to the AIG Inc. PA.
Closing Date: No later than April 6, 2011, or such other date agreed to by the parties to the AIG Inc. PA.

continue to read rest… HERE

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