Collateral Manager Of CDO Charged With Fraud
Investment advisory firm, Harding Advisory, LLC, and its owner were charged recently by the SEC for misleading investors and breaching their fiduciary duties. According to a recent press release, the SEC alleged Harding “compromised their independent judgment as collateral manager to a CDO named Octans I CDO Ltd.” The firm and owner allegedly did so […]
FDIC Against Proposed Countrywide Settlement
The FDIC recently advised a U.S. District Court Judge to reject the proposed $500 million class-action settlement between Bank of America Corp.’s Countrywide unit and investors due to the relatively small percentage of the settlement that will go the investors, Bloomberg.com reported. The FDIC stated in their filing that only $41 million dollars would go […]
Bank of America to Pay $10.3 Billion Over Questionable Mortgages
A recent CNN Money article disclosed a $10.3 billion settlement between Fannie Mae and Bank of America over questionable home loans sold during the housing bubble and subsequent burst. The article stated the large settlement would be comprised of a direct payment of $3.55 billion in cash as well as $6.75 billion paid to repurchase […]
SEC CHARGES JP MORGAN & CREDIT SUISSE FOR MISLEADING INVESTORS
Once again JP Morgan has found itself in hot water with the SEC, this time alongside with Credit Suisse. The announcement came in a recent SEC News Digest that JP Morgan and Credit Suisse agreed to settlements to pay around $400 million dollars to investors harmed by their misleading information regarding residential mortgage backed securities. […]
Basel May Provide Tougher Rules for Asset Backed Securities
The Basel Committee on Banking Supervision is posed to review how securitization is regulated globally in response to concerns that current regulations are not reducing excessive risk tasking, according to a recent Bloomberg.com article. The Basel Committee is associated with the Bank for International Settlements and is a forum for regular cooperation on banking supervisory […]
JP MORGAN SUED BY NY ATTORNEY GENERAL
In the first suit to be filed under RMBS Working Group, JP Morgan has been served civilly over the mortgage backed securities sold by Bear Stearns, according to an article in the New York Daily News. The RMBS Working Group, created by the Obama Administration, investigates and prosecutes misconduct that contributed to the financial crisis. […]
BEAR STEARNS $275 MILLION SETTLEMENT REACHED
Bear Stearns has been ordered to pay $275 Million dollars to investors that lost money with Bear Stearns. According to a recent CNBC.com article, Bear Stearns misled their investors about the true and deteriorating state of the company before JP Morgan purchased Bear Stearns. Bear Stearns was one of the first prominent companies to fail after […]
Behringer Harvard REITs Estimated Value Down 46% From Last Year
Behringer Harvard Opportunity REIT I dropped in value at the end of 2011, according to this article from investmentnews.com. The value per unit of the non-traded REIT went down to an estimated $4.12 per unit value, down from $7.66 a unit value from the previous year. The reduction in value for the Opportunity REIT I […]
UBS Cannot Quantify Subprime Exposure
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Subprime Lawsuits Increase
Alistair Barr of Marketwatch reports that State Street Corp’s decision to set aside $618 million to cover subprime litigation costs has increased concern that insurers offering policies covering such expenses could be hit with big claims from the credit crisis. State Street said the reserve was needed to pay for lawsuits and possible settlements stemming […]