US Bank, Bank of America win dismissal of mortgage claims

US Bank, Bank of America win dismissal of mortgage claimsThe dismissals came in three decisions late Monday by U.S. District Judge Katherine Forrest in Manhattan. In the first, Forrest rejected an attempt by funds from BlackRock Inc (BLK.N), Allianz SE’s (ALVG.DE) Pacific Investment Management Co and TIAA-CREF to hold US Bancorp liable for alleged defects in 843 RMBS trusts collateralized by $778.6 billion of loans, causing tens of billions of dollars of losses.

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Defective Mortgage Loans Cost Nomura and RBS US$806 million

Defective Mortgage Loans Cost Nomura and RBS US$806 millionAs the US District Judge, Denise Cote pronounced, “The magnitude of falsity, conservatively measured, is enormous”, the Nomura Holdings Inc and Royal Bank of Scotland Group Plc were ordered to jointly pay US$806m to Fannie Mae and Freddie Mac, for sale of defective residential mortgage-backed securities.

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L.A.’s mortgage discrimination lawsuit against Bank of America tossed

L.A.’s mortgage discrimination lawsuit against Bank of America tossed – MyNewsLA.comA federal judge rejected a mortgage discrimination lawsuit brought by the city of Los Angeles against Bank of America, according to a ruling obtained Friday. In a written decision, U.S. District Judge Percy Anderson determined that the municipality could not sue under the U.S.

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Nomura misled Fannie, Freddie on mortgage bonds, U.S. judge finds

UPDATE 2-Nomura misled Fannie, Freddie on mortgage bonds, U.S. judge finds(Updates with further details on ruling, comment from Nomura) By Nate Raymond and Jonathan Stempel NEW YORK May 11 (Reuters) – A U.S. judge on Monday ruled that Nomura Holdings Inc made false statements in selling mortgage-backed securities to Fannie Mae and Freddie Mac ahead of the 2008 financial crisis.

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Bank of America Corp Paid $315 Million To Settle With Deutsche Bank AG And BNP Paribas

Bank of America Corp (BAC) Paid $315 Million To Settle With Deutsche Bank AG And BNP ParibasBank of America Corp. has paid a total of $315 million to settle lawsuits that were filed by BNP Paribas Mortgage Corp. and Deutsche Bank AG. The lawsuits were related to the multibillion fraud losses at the failed lender Taylor Bean & Whitaker Mortgage Corp.

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SEC investigating Bank of America for putting customers funds at risk

​SEC investigating Bank of America for putting customers funds at risk – reportBank of America may have put retail brokerage funds at risk in order to increase profits thus breaking a 40-year-old rule, the Wall Street Journal reports. The Securities and Exchange Commission is investigating the bank amid claims the financial giant broke rules designed to safeguard the accounts of clients, the paper reported on Tuesday this week.

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Prudential Reaches Settlement With Bank of America, Merrill Lynch in RMBS Lawsuits

Prudential Reaches Settlement With Bank of America, Merrill Lynch in RMBS Lawsuits – DSNewsNew Jersey federal court documents filed earlier this week revealed that Prudential Insurance Co. has moved to settle its ongoing lawsuits with Bank of America NA, Merrill Lynch & Co. Inc., First Franklin Financial Group, and a number of lenders in the mortgage industry.

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Ex-employee Takes Ongoing Dispute with Bank of America et al. to the U.S. Supreme Court Read more: http://www.benzinga.com/pressreleases/15/04/p5439884/the-fight-for-justice-ex-employee-takes-ongoing-dispute-with-bank-of-am

The Fight For Justice – Ex-employee Takes Ongoing Dispute with Bank of America et al. to the U.S. Supreme CourtThe Fight for Justice launches a Crowdfunding campaign to support Torina Collis as she continues her 10 year pursuit and awaits the anticipated upcoming U.S. Supreme Court conference for her case on April 24, 2015. (PRWEB) April 24, 2015 According to court records, Case number 06-1346 in the U.S.

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As it moved to seize home, bank never told widow her loan was insured Read more here: http://www.mcclatchydc.com/news/nation-world/national/economy/article24783151.html#storylink=cpy

As it moved to seize home, bank never told widow her loan was insuredFor more than a decade after her husband died, Laura Coleman Biggs paid her mortgage to a Bank of America subsidiary. She was never told, even as she was weeks from losing her home, that her husband had actually protected her against foreclosure.

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Have the Banks Escaped Criminal Prosecution because They’re Spying Surrogates?

Have the Banks Escaped Criminal Prosecution because They’re Spying Surrogates?I’m preparing to do a series of posts on CISA, the bill passed out of SSCI this week that, unlike most of the previous attempts to use cybersecurity to justify domestic spying, may well succeed (I’ve been using OTI’s redline version which shows how SSCI simply renamed things to be able to claim they’re addressing privacy concerns).

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Bank of America’s Inconsistent Positions re: Faulty Residential Mortgage-backed Securities

Bank of America’s Inconsistent Positions re: Faulty Residential Mortgage-backed Securities | The National Law ReviewBank of America recently moved to dismiss a lawsuit filed by Ambac Assurance Corp. in New York state court, alleging $600 million in damages for fraudulent inducement in connection with payments it made under policies insuring faulty residential mortgage-backed securities issued by Countrywide.

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Homeowners burned by mortgage scandal cry foul on Legislature

Homeowners burned by mortgage scandal cry foul on LegislatureIt isn’t easy to talk about filing for bankruptcy or losing your home, but as Montana’s Legislature moves to make it more difficult for homeowners to sue the mortgage industry for deceptive practices, tongues are loosening up. Montana Senate lawmakers have passed two bills to undo a landmark court ruling that benefited homeowners who sued big banks for mishandling mortgages.

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Justice Department probing Moody’s for mortgage deal grades

Justice Department probing Moody’s for mortgage deal grades: WSJThe federal probe of the ratings agency, a unit of Moody’s Corp (MCO.N), comes as the Justice Department nears a settlement with Standard & Poor’s Ratings Services, a unit of McGraw Hill Financial Inc (MHFI.N), over similar conduct, the Journal reported. Justice Department officials could not be immediately reached for comment by Reuters on Sunday.

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