Items Tagged with 'RMBS lawsuit'

ARTICLES

  • Former Deutsche Bank head subprime mortgage bond trader fires back at U.S. fraud charges

    Denies all charges, accuses government of ‘concocting a baseless theory of fraud’
    Paul Mangione, the former head of subprime mortgage trading at Deutsche Bank who stands accused over overseeing systemic mortgage bond fraud during the run-up to the financial crisis, says that the government kowtowed to public pressure to see individuals held responsible for the financial crisis by filing lawsuit against him that is wrong, unfair, and without merit.
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  • Shocker: U.S. sues former Deutsche Bank head subprime mortgage bond trader for crisis-era fraud

    Paul Mangione accused of ‘systematically, intentionally’ lying about subprime mortgages
    In what can only be regarded as a shocking development, the United States is suing the former head of subprime mortgage trading at Deutsche Bank over “systematically and intentionally” lying about the quality of subprime mortgages that backed nearly $1.5 billion in mortgage-backed securities in the run-up to the crisis.
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  • Wells Fargo withholds $90 million for legal costs, shakes up mortgage bond market

    RMBS deals originated in 2004 and 2005
    Wells Fargo held $90 million back from residential mortgage-backed securities investors recently, saying that it needed the money to cover legal expenses. The legal expenses stem from lawsuits brought by BlackRock and PIMCO. Analysts suggest that the unexpected move could have an impact on the mortgage bond market. Here are the details.
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  • RMBS trustees accept $2.4 billion toxic mortgage settlement from Lehman Brothers

    BlackRock, Goldman Sachs among institutional investors in settlement
    The trustees in a series of residential mortgage-backed securities trusts reached a settlement with the remains of Lehman Brothers Holdings that could be worth more than $2.4 billion over claims that the trust contained toxic mortgages. Also taking part in the settlement are 14 institutional investors, including: BlackRock Financial Management, the Federal Home Loan Bank of Atlanta, and Goldman Sachs Asset Management.
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  • Credit Suisse reaches $5.28 billion mortgage bond settlement

    Required to provide $2.8 billion in consumer relief
    For the second time in as many days, the Department of Justice announced that it reached a multi-billion dollar settlement with a foreign-based bank over its mortgage securitization practices leading up to the housing crisis. On Tuesday, the DOJ announced that it reached a $7.2 billion settlement with Deutsche Bank. Now, it’s Credit Suisse’s turn.
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  • It's official: Deutsche Bank reaches $7.2 billion RMBS settlement

    Largest RMBS settlement ever
    Late last year, Deutsche Bank announced that it reached a $7.2 billion settlement with the Department of Justice in connection with the bank’s issuance and underwriting of residential mortgage-backed securities between 2005 and 2007. Although the bank made the announcement in late December, the settlement was not official, but it is now.
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  • Deutsche Bank, MassMutual settle RMBS lawsuit

    Federal judge okays motion to dismiss, terms not disclosed
    A Deutsche Bank unit and Massachusetts Mutual Life Insurance Co. reached a settlement over residential mortgage-backed securities, with a federal judge signing off on the undisclosed terms Thursday.
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