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

Orrick Herrington & Sutcliffe LLP
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USA
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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

Investor files suit against Nationstar over mortgage auctions

Orrick Herrington & Sutcliffe LLP
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USA
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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

Washington state court strikes jury demands in RMBS case

Orrick Herrington & Sutcliffe LLP
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USA
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March 11 2013

On March 7, Judge Laura Inveen of the King County Superior Court in Washington State granted the motion to strike jury demands filed by defendants in

Financial industry developments

Orrick Herrington & Sutcliffe LLP
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USA
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October 15 2012

On October 11, the CFTC issued a “no-action” letter to ASF and SIFMA with respect to the funds being treated as commodity pool under CFTC regulations and the Commodities Exchange Act

FHFA sues HSBC entities for RMBS representation and warranty breaches

Orrick Herrington & Sutcliffe LLP
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USA
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October 1 2012

On September 26, the Federal Housing Finance Agency (FHFA) brought an action against HSBC Finance Corp

Can we be classmates?

Orrick Herrington & Sutcliffe LLP
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USA
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September 11 2012

On September 6, the Second Circuit expanded class standing in a mortgage-backed securities class action suit for alleged misrepresentations in a shelf registration statement

Fannie Mae and Freddie Mac short sale guidelines

Orrick Herrington & Sutcliffe LLP
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USA
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August 27 2012

On August 21, the FHFA announced that Fannie Mae and Freddie Mac are issuing guidelines to mortgage servicers to consolidate existing short sales programs into one standard program

FDIC files three RMBS lawsuits as receiver for a Texas bank

Orrick Herrington & Sutcliffe LLP
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USA
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August 27 2012

On August 17, the FDIC, in its capacity as receiver for Texas-based Guaranty Bank, filed three actions in Texas state court arising out of the bank’s alleged investments in 36 RMBS certificates totaling $5.4 billion in face value

Court certifies RMBS investor class in IndyMac RMBS suit

Orrick Herrington & Sutcliffe LLP
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USA
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August 27 2012

On August 17, Judge Lewis A. Kaplan of the United States District Court for the Southern District of New York certified a class of investors in an action brought by lead plaintiffs Wyoming State Treasurer and Wyoming Retirement System against several financial institutions in connection with RMBS issued by IndyMac

Court limits Assured Guaranty’s claims against UBS

Orrick Herrington & Sutcliffe LLP
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USA
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August 27 2012

On August 15, Judge Harold Baer, Jr. of the federal district court for the Southern District of New York granted in part and denied in part UBS’s motion to dismiss claims asserted by Assured Guaranty Municipal Corporation in connection with three RMBS securitizations insured by Assured Guaranty

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