The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Zillow analyst on whether home prices can keep climbing

Today’s episode of HousingWire Daily features an interview with Nicole Bachaud, as she discusses annual and monthly home price appreciation growth, rising inventory levels and rent prices.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

InvestmentsMortgage

Judge approves Goldman Sachs $272 million toxic mortgage settlement

Agreement with Illinois electrical workers' pension fund is 'reasonable'

In August, Goldman Sachs agreed to pay $272 million to settle a lawsuit brought by an Illinois electrical workers’ pension fund over losses suffered due to alleged misrepresentations of the quality of mortgage loans that backed crisis-era mortgage-backed securities.

On Monday, a federal judge approved the proposed settlement between Goldman Sachs and NECA-IBEW Health & Welfare Fund, an electrical workers' pension fund in Decatur, Illinois, finding it to be “fair, adequate and reasonable,” according to a Bloomberg report.

The settlement stems from a lawsuit filed in 2008, when NECA-IBEW sued Goldman Sachs, arguing that Goldman made false statements or omitted key information regarding the nature of the mortgages it sold into 17 different trusts during 2007.

At the time, HousingWire’s Paul Jackson wrote of the lawsuit:

In the Goldman case, NECA-IBEW alleges that Goldman misled investors on the underwriting standards used by various originators, including — who else? — Countrywide Financial; other claims center on the use of inflated appraisals by originating entities for the trusts. Many of the loans in the trusts named in the lawsuit are of the reduced-doc, no-doc, stated-income variety, which NECA-IBEW says are rife with fraud.

Goldman denied any wrongdoing, challenged NECA-IBEW’s ability to sue over the toxic mortgages, and the case eventually nearly made its way onto the Supreme Court’s docket.

In 2013, the Supreme Court decided not to hear the case after the Second Circuit held that NECA-IBEW can claim standing to sue Goldman over the mortgage bonds, even if some of those claims relate to offerings that parties other than the plaintiff were involved in.

Now, nearly eight years later, the lawsuit is finally nearing the finish line.

Latest Articles

Refis stubbornly make a bit of a comeback

The week following Labor Day saw a flurry of mortgage loan application activity, with volume jumping by 4.9% for the seven days ending Sept. 17, according to the MBA. Refis were on the front foot again.

Sep 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please