Items Tagged with 'toxic loans'

ARTICLES

  • Goldman Sachs nearing $650 million in consumer relief in $5 billion settlement

    Passes one-third mark in $1.8 billion consumer relief obligation
    Goldman Sachs recently passed the one-third mark in its $1.8 billion consumer relief obligation that is part of the company's $5 billion settlement reached in April 2016 over toxic mortgage bonds, the settlement's monitor said in a new report. Part of Goldman Sachs' most recent consumer relief is $240 million in donations to facilitate the construction, rehabilitation or preservation of affordable low-income rental or for-sale housing in seven states
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  • HSBC plans $420M suit against Merrill Lynch, Bank of America for toxic Countrywide loans

    HSBC claims Merrill Lynch, BofA knew loans were bad, securitized them anyway
    HSBC Bank notified a New York state court this week that it plans to file a $420 million lawsuit against Merrill Lynch and Bank of America, claiming that both Merrill Lynch and Bank of America knew a series of Countrywide mortgage loans were toxic and allowed the loans to be securitized nonetheless. Here are all the details.
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  • Bank of America senior management shakeup continues

    Seeking replacement for top lawyer, overseer of $16.5 billion DOJ settlement
    The senior management shakeup at Bank of America is continuing. According to multiple reports, Bank of America is interviewing “possible successors” for Gary Lynch, who serves as the bank’s global general counsel.
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  • Lehman Brothers suing over crisis-era toxic mortgages

    Asks judge to cancel claims by Syncora Holdings and U.S. Bancorp
    Lehman Brothers Holdings filed suit against Syncora Holdings, U.S. Bancorp and GreenPoint Mortgage Funding in an effort to try to get “duplicate” claims filed by those three companies against Lehman Brothers thrown out because Lehman Brothers is ready to settle and move on.
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  • Nomura fighting back against FHFA toxic mortgage lawsuit

    Claims U.S. unit “did nothing wrong”
    Nomura Holdings reportedly does not want to settle with the Federal Housing Finance Agency because it claims that its U.S. unit did not knowingly sell bonds backed by fraudulently originated loans to Fannie Mae and Freddie Mac in the run-up to the crisis.
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  • DOJ probing Morgan Stanley’s relationship with New Century

    NY Times: Morgan Stanley pushed New Century into riskier loans
    The Department of Justice has reportedly begun examining the pre-crisis relationship between Morgan Stanley and New Century Financial, and Morgan Stanley’s role in “actively” influencing New Century’s risky lending practices.
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  • BofA’s $16.65 billion toxic mortgage settlement gets green light

    All legal and regulatory hurdles now clear
    With all of the regulatory and legal complications now ironed out, the massive $16.65 billion settlement between Bank of America, the U.S. Department of Justice, certain federal agencies and six states to resolve claims over toxic residential mortgage-backed securities is now finalized.
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  • SEC grants Bank of America relief in $16 billion settlement

    Ends political logjam
    The record-setting settlement between Bank of America, the U.S. Department of Justice, certain federal agencies and six states to resolve claims over toxic residential mortgage-backed securities can finally proceed after the bank was granted relief by the Securities and Exchange Commission.
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  • BofA keeps pushing for SEC relief in $16 billion settlement

    Claims bank is being treated unfairly
    The record-setting settlement between Bank of America, the U.S. Department of Justice, federal agencies and six states to resolve claims over toxic residential mortgage-backed securities is still on hold as the bank continues its fight for relief from the Securities and Exchange Commission.
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