Posts Tagged ‘Lawsuits’

French-Belgian bank Dexia said Thursday that it was suing Deutsche Bank for more than $1 billion in losses caused by dodgy mortgage-backed securities that imploded during the 2008 financial crisis.

In two civil lawsuits filed Friday morning the New Mexico Attorney General is asking a judge for immediate action to stop foreclosures on the two properties.

A website dedicated exclusively to watching Saxon Mortgage, a mortgage servicer owned by Morgan Stanley, claims to be ready for a flood of complaints. “Unlike other web sites that receive complaints about many companies, we are specialized,” said a programmer for Saxon Mortgage Watch.

This is a recap. Merrill Lynch & Co. Inc. said in a financial report that it has agreed to pay $550 million to settle separate class action lawsuits stemming from subprime loss disclosures. The Ohio State Teachers Retirement System, the lead plaintiff in one lawsuit brought on behalf of stock purchasers, agreed to a proposed settlement totaling $475 million in cash. The other suit was brought by employees, and was settled for $75 million.

A state court helped subprime borrowers and homeowners with onerous mortgages, including Alt-A and jumbo mortgages. The help probably did more than restructuring and individual loan modifications have done thus far. This may mean real relief, rather than what we have seen from many mortgage companies. Just putting the past due amount on the end of a loan is not much help at all.

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