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FHFA resolves 6 of 18 RMBS suits against big banks

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FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac. The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the Enterprises.. similar in content to the complaint FHFA filed against.

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Buckley has unparalleled experience handling matters for financial institutions under the False Claims Act (FCA), the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), and the program fraud civil Remedies Act (PFCRA). Today, Buckley is representing financial services clients in approximately two dozen False Claims Act and FIRREA investigations by the

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The FHFA said the settlement resolves all of its claims in two lawsuits against. French bank Societe Generale paid $122m in February. For all of 2013, the FHFA recovered nearly $8bn on behalf of.

RMBS FHFA. Recently, the FHFA announced the resolution of several lawsuits it filed against private label securities issuers. In 2011, the FHFA sued 18 financial institutions alleging federal securities law violations, and in some cases common law fraud, with regard to the sale of private label residential mortgage backed securities to Fannie Mae and Freddie Mac.

QUANTIFYING THE ROLES OF JP MORGAN CHASE IN RESIDENTIAL MORTGAGE-BACKED SECURITIES REGISTERED WITH THE SEC IN 2004.. the percentage of resolutions that were disputed fell from a peak of 27.9 percent in January 2012 to 18.6 percent in January 2013.” (5). How the banks’ big foreclosure settlement cheated consumers.

Law360, New York (October 18, 2013. suit. The courts held that when Congress created the FHFA with the 2008 passage of HERA, it intended to give the agency the time it needed to investigate and.

Bank of America today announced it reached a settlement with the Federal Housing Finance Agency (FHFA) as conservator of Fannie Mae and Freddie Mac to resolve all of FHFA’s residential mortgage-backed securities (RMBS) litigation with Bank of America, as well as other legacy contract claims.

The main lawsuit against RBS from the FHFA was in the U.S. District Court for the District of Connecticut and related to about $32 billion of MBS. The bank settled similar claims from the U.S. National Credit Union Administration filed in California and Kansas in September for $1.1 billion.

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