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Tag Archives: Mortgage-Backed Securities

FDIC Suit Revived Against Deutsche, Goldman, and RBS

Lawsuits filed by the Federal Deposit Insurance Corp., accusing Deutsche Bank, Goldman Sachs, and the Royal Bank of Scotland of fraud with regards to $840 million worth of mortgage-backed securities have been revived by the 5th U.S. Circuit Court of Appeals in New Orleans.

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MBS Bank Demand is Unfocused; SFR Rent Values Surpass Home Values, says Report

Deutsche Bank recently released research titled “The Outlook in MBS and Securitized Products” finding that although a large piece of the market focuses on bank demand for mortgage-backed securities (MBS), not much focus has been placed on the shape of that demand. The report also noted that banks are adding longer lengths on MBS that would drop in value as rates go up.

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JPMorgan Chase Not Responsible For WaMu’s Pre-September 2008 Liabilities, Judge Rules

A federal judge has ruled that the Federal Deposit Insurance Corp., is liable for facing certain legal claims that FDIC-insured JPMorgan Chase inherited from its 2008 acquisition of Washington Mutual, according to media reports. JPMorgan acquired the failing Seattle-based bank for $1.88 billion in 2008 during the onset of the financial crisis, after the Office of Thrift Supervision seized Washington Mutual and appointed the FDIC as receiver.

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Fitch Ratings: SHFA MBS Pass-Through Bonds Report Updated

Fitch Ratings has released a sector-specific report for rating state housing finance agency (SHFA) bonds secured, on a pass-through basis, primarily by mortgage-backed securities (MBS) called "State Housing Finance Agencies: MBS Pass-Through Bond Rating Criteria." This report will replace the September 2014 state housing finance agency Fitch rating report.

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JPMorgan Chase’s RMBS Settlement of $500 Million Approved With Pension Funds

A federal judge has approved JPMorgan Chase's $500 million settlement with four pension funds over the sale of faulty mortgage-backed securities by Wall Street investment firm Bear Stearns before the financial crisis, according to media reports. JPMorgan Chase, the nation's largest bank, acquired Bear Stearns in March 2008 at a stock-only price of $236 million, or $2 per share. In their lawsuit, the pension funds accused Bear Stearns of selling $17.6 billion worth of toxic mortgage-backed securities in the run-up to the crisis.

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FHFA Issues Update on Single Security Initiative

The Federal Housing Finance Agency (FHFA) recently issued an update to mortgage-backed security (MBS) structure, also known as Single Security. The new changes to the Single Security structure are based on 23 responses to a “Request for Public Input: Proposed Single Security Structure (RFI)” released in August 2014 by the FHFA.

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Goldman Sachs to Pay Australian Bank $100 Million

Goldman Sachs has been ordered by arbitrators to pay approximately $100 million to National Australia Bank (NAB) for a "conflict of interest" regarding mortgage-backed securities sales in the run-up to the mortgage meltdown, according to media reports.

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