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Results: 1-10 of 28

California federal court partially dismisses RMBS claims in Countrywide MDL action

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • April 23 2012

On April 16, 2012, Judge Mariana R. Pfaelzer of the Central District of California dismissed in part an RMBS action brought by Massachusetts Mutual Life Insurance Co. (“MassMutual”) against Countrywide, JPMorgan, Deutsche Bank, UBS, and various individual defendants

Justice Bransten rules on MBS causation motions

  • Kelley Drye & Warren LLP
  • -
  • USA
  • -
  • January 13 2012

We previously posted about the October 5, 2011 hearing before Justice Eileen Bransten in the New York Supreme Court’s Commercial Division in MBIA Ins. Co. v. Countrywide Home Loans, Inc., et al. (Index No. 60282508), during which Justice Bransten heard arguments concerning the causation burden presented by monoline insurers’ fraud and breach of warranty claims against Countrywide relating to mortgage-backed securities transactions the plaintiffs insured

The GGP bankruptcy so far: grounds for concern, sources for hope

  • Alston & Bird LLP
  • -
  • USA
  • -
  • June 8 2009

As the federal government and private markets make progress to quell economic recession and stimulate the engines of financial growth, recent headlines from the commercial real estate industry have focused on certain developments, such as the proposed changes in rating agency methodologies and the repeated false starts with the government’s TALF and PPIP programs

Single purpose entity provisions in CMBS loans in the wake of Wells Fargo Bank, NA v. Cherryland Mall Ltd. P'ship, et al. (Mich. App. Dec. 27, 2011)

  • Dykema Gossett PLLC
  • -
  • USA
  • -
  • January 26 2012

This alert discusses possible "springing recourse" liability for borrowers and guarantors arising out of last month's decision in Wells Fargo Bank, NA v. Cherryland Mall Ltd. P'ship (Cherryland), decided last month by the Michigan Court of Appeals

Court denies in part motions to dismiss FHFA's claims against countrywide and various underwriters

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • April 2 2013

On March 15, Judge Mariana Pfaelzer of the United States District Court for the Central District of California denied in part motions to dismiss

New Jersey federal district judge dismisses claims against UBS as untimely

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • October 10 2011

On September 29, 2011, Judge Cavanaugh of the New Jersey federal district court dismissed a class action securities suit brought against UBS by RMBS investors

Investor files suit against Nationstar over mortgage auctions

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • March 11 2013

On March 7, KIRP, LLC sued Texas-based mortgage servicer Nationstar Mortgage LLC in the Supreme Court of the State of New York in connection with

Investment in “tenancy in common” interests provided basis for securities violations

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • December 18 2009

The U.S. District Court for the District of Oregon granted summary judgment to the Securities and Exchange Commission in a securities fraud case involving a large-scale real estate securitization and management business

Court invalidates foreclosures based on ineffective mortgage assignments

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • March 11 2011

A recent court decision held that a foreclosure in Massachusetts that a clear chain of title must be established to show that the party foreclosing is the valid holder of the mortgage. Although the decision is binding only in Massachusetts, the case illustrates the importance for lenders and securitisation trustees of understanding state foreclosure laws and hold all relevant documents before entering foreclosure proceedings

Class action defense cases - In Re Community Bank: Third Circuit court again reverses approval of class action settlement holding wrong legal standard applied to determine adequacy of representation

  • Jeffer Mangels Butler & Mitchell LLP
  • -
  • USA
  • -
  • October 4 2011

District court applied wrong legal standard in finding named plaintiffs and their counsel to be adequate representatives of the proposed class under Rule 23(a)(4) and thus abused its discretion in certifying class and approving nationwide class action settlement Third Circuit holds