Items Tagged with 'RMBS Working Group'


  • Goldman Sachs passes first round of compliance testing for $5 billion settlement

    First monitor report finds consumer relief efforts are "logical and appropriate"
    Goldman Sachs is meeting its consumer relief requirements as part of its $5 billion settlement reached in April over toxic mortgage bonds, a new report from the settlement’s monitor showed. The report, published Friday by Eric Green, who serves as independent monitor of the settlement, showed that Goldman Sachs passed its first round of compliance testing for the consumer relief portion of the settlement.
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  • DOJ loses another top cop on mortgage fraud

    U.S. Attorney for the District of Colorado John Walsh stepping down
    The Department of Justice is about to lose another one of its top cops in its fight against mortgage fraud. The DOJ announced Friday that John Walsh, the U.S. Attorney for the District of Colorado and the co-chair of the DOJ’s Residential Mortgage-Backed Securities Working Group, is stepping down. While with the DOJ, Walsh played a key leadership role in securing a $7 billion settlement with Citigroup over residential mortgage-backed securities and collateralized debt obligations.
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  • Deutsche Bank negotiating with DOJ on mortgage bond settlement

    Discloses ongoing talks with government on RMBS activities
    Deutsche Bank revealed Wednesday that it is currently in negotiations with the Department of Justice to resolve an investigation into the bank’s mortgage bond activities. The bank’s earnings materials don't disclose what specific matter the DOJ is investigating, but the DOJ has been looking into Deutsche Bank's mortgage-backed securities activities since at least 2013.
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  • Department of Justice names new head of financial crisis investigations

    Bill Baer taking over for departing Stuart Delery
    As expected, the Department of Justice named Bill Baer as the replacement for the departing Stuart Delery. As Acting Associate Attorney General, Baer will be the third in command at the Department of Justice and leader of the DOJ’s investigations into the conduct of banks during the financial crisis.
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  • Leader of Justice Department's financial crisis investigations stepping down

    Acting Associate Attorney General Stuart Delery leaving for private sector
    Stuart Delery, the third in command at the Department of Justice and leader of the DOJ’s investigations into the conduct of banks during the financial crisis, is stepping down. In his time as the lead of the DOJ’s Civil Division, Delery oversaw massive settlements with several financial institutions for their business practices during the financial crisis, including a $601 million settlement with HSBC.
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  • Morgan Stanley settles for $3.2 billion over 'deceptive' mortgage bond practices

    Internal e-mail: We are running under the radar and do not want to document this
    Morgan Stanley will hand out hundreds of millions of dollars in consumer relief and fork over hundreds of millions more to state governments as part of $3.2 billion settlement over its “deceptive” mortgage bond practices in the run-up to the financial crisis, the New York Attorney General’s Office said Thursday.
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  • Goldman Sachs reaches $5 billion settlement over toxic mortgage bond claims

    Settlement reached with federal RMBS task force
    Goldman Sachs said Thursday that it reached a $5 billion settlement over claims related to toxic mortgage bonds sold to investors in the run up to the financial crisis. The agreement, which would still need to be finalized, would resolve actual and potential civil claims brought by the U.S. Department of Justice and other parties, relating to the firm’s securitization, underwriting and sale of residential mortgage-backed securities from 2005 to 2007.
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  • Tony West leaving DOJ after negotiating massive RMBS settlements

    Led DOJ’s toxic mortgage task force
    In his role, he headed the DOJ’s residential mortgage-backed security task force that in the past several months has secured massive settlements with Citigroup, JPMorgan Chase, Bank of America and others over the banks’ toxic mortgage lending practices that led to the collapse of the housing economy.
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