mortgage-backed securities News

New York to Receive $800M in Bank of America Settlement

New York state will get $800 million as its share of a national $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis, New York Attorney General …

S&P Panel Urges Insurers to Seek Better Returns Globally

“Continuing low interest rates and soft economic growth are contributing to a tough investment climate for insurance companies, but they’re still finding opportunities for a decent return if they’re willing to broaden their search,” according to industry executives at Standard …

Morgan Stanley Says AIG May Sue Over Mortgage Investments

Morgan Stanley, the sixth-largest U.S. bank by assets, said it may be sued by American International Group Inc. over mortgage-backed securities that the insurer bought before the financial crisis. AIG purchased $3.7 billion in mortgage pass-through certificates that were sponsored …

Assured Guaranty, JPMorgan Settle Mortgage Litigation

Assured Guaranty Ltd. and JPMorgan Chase & Co. agreed to settle lawsuits filed by the bond insurer accusing the bank’s EMC Mortgage and Bear Stearns units of making misrepresentations about mortgage-backed securities. Assured Guaranty Corp., a New York-based unit of …

AIG Wins Bid to Move $10B Bank of America Mortgage Lawsuit

A federal appeals court ruled in favor of American International Group Inc by concluding that the insurer’s $10 billion lawsuit against Bank of America Corp over mortgage losses belongs in state court, not federal court. The 2nd U.S. Circuit Court …

New York Sues Credit Suisse Over Mortgage Securities

New York Attorney General Eric Schneiderman brought a lawsuit on Tuesday accusing Credit Suisse Group AG of deceiving investors in mortgage-backed securities. Credit Suisse, Switzerland’s second-largest bank, misrepresented the quality of loans underlying residential mortgage-backed securities it sponsored and underwrote …

New York’s Fraud Suit Against JPMorgan May Aid Private Lawsuits

New York state’s lawsuit against JPMorgan Chase & Co. alleging fraud in mortgage-backed securities sold by Bear Stearns may be one of the broadest cases to come out of the financial crisis, but its impact is likely to be limited. …

New York Fed Sells Last of Its AIG Assets, Ending Ties with Insurer

The Federal Reserve Bank of New York brought to a close another chapter in the government’s taxpayer-funded bailouts of 2008 with the sale of its remaining assets of insurer American International Group, the bank said on Thursday. The New York …

Walnut Place Drops Objections to $8.5 Billion BofA Deal; AIG Still Questions

Walnut Place, an entity that had challenged a proposed $8.5 billion settlement between Bank of America Corp. and investors in failed mortgage-backed securities, has withdrawn its objections to the deal. The development on Monday was a step forward for Bank …

Bank of America Settles Mortgage Fraud Lawsuit with Bond Insurer Syncora

Bank of America Corp. has agreed to pay $375 million to settle a case brought by bond insurer Syncora Guarantee over toxic mortgage-backed securities at the center of the 2008 financial crisis. Syncora sued Bank of America in 2009 to …