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Financial services update Vol. 10, Issue 9
  • Winston & Strawn LLP
  • European Union, USA
  • March 9 2015

I recently had the opportunity to invest in individual shortterm real estate loans. Having devoted my current liquidity to a real estate


Mortgage securitization case reinstated
  • Winston & Strawn LLP
  • USA
  • June 3 2013

On May 17th the U.S. District Court for the Southern District of New York, on its own initiative, vacated an order granting summary judgment to


Fear of unfavorable settlement doesn't justify intervention
  • Winston & Strawn LLP
  • USA
  • June 3 2013

On May 21st, the D.C. Circuit affirmed the district court's order denying a motion to intervene. Senior note-holders of Washington Mutual ("WaMu"), a


Financial services update February 3 2015 banking agency developments
  • Winston & Strawn LLP
  • USA
  • February 3 2015

On January 30th, the Federal Deposit Insurance Corporation ("FDIC") requested comment on a proposed rule that would amend the definition of


FINRA proposes amendments relating to post-trade transparency for Agency Pass-Through Mortgage-Backed Securities traded TBA
  • Winston & Strawn LLP
  • USA
  • December 12 2011

On December 2nd, the SEC provided notice of the Financial Industry Regulatory Authority's proposed amendments to the Rule 6700 Series (the Trade Reporting and Compliance Engine ("TRACE") rules), which are designed to provide greater transparency for transactions in Agency Pass-Through Mortgage-Backed Securities traded on a "to be announced" basis ("TBA transactions"


Commercial mortgage backed security spawns new verb
  • Winston & Strawn LLP
  • USA
  • November 21 2011

On November 17th, New York Times columnist Floyd Norris noted the creation of a new verb: to be Boscoved, defined as suffering more than a 100 percent loss on a loan, a phenomena which recently occurred with respect to a commercial mortgage backed security involving regional department store chain Boscov's


District court proceedings stayed while SEC appeals judge's refusal to approve proposed Citigroup settlement
  • Winston & Strawn LLP
  • USA
  • January 3 2012

On December 27th, the Second Circuit granted the SEC's emergency motion to stay the district court proceedings in its case against Citigroup concerning a collateralized debt obligation


Mortgage-backed securities case remanded to state court
  • Winston & Strawn LLP
  • USA
  • March 5 2012

On February 27th, the Second Circuit ordered Black Rock's mortgage-backed securities ("MBS") lawsuit against Bank of America and Countrywide back to state court


Justice Department examines MBS ratings practices
  • Winston & Strawn LLP
  • USA
  • August 22 2011

On August 18th, Bloomberg reported that the Justice Department is investigating the credit ratings Standard & Poor's and Moody's Investor Service gave to mortgage-backed securities


Motions to intervene granted in Bank of America securitization suit
  • Winston & Strawn LLP
  • USA
  • August 29 2011

On August 22nd, Reuters reported that the New York state trial court overseeing the settlement of lawsuits stemming from Bank of America's sale of sub-prime mortgage securitizations originated by Countrywide Financial will allow others, including the Federal Home Loan Banks and the New York Attorney General, to intervene