False and Misleading Offering Documents Detailed in Class Action Lawsuit Against Countrywide Financial
Jul 17, 2010
False and Misleading Offering Documents Detailed in Class Action Lawsuit Against Countrywide Financial Cohen Milstein Files Amended Consolidated Complaint in Case Involving $350 Billion of Mortgage-Backed Securities WASHINGTON, July 15 /PRNewswire/ -- Cohen Milstein Sellers & Toll PLLC filed an Amended Consolidated Class Action Complaint this week in its landmark litigation against Countrywide Financial Corporation and other underwriter defendants who…[...]
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A.I.G. to Pay $725 Million in Ohio Case
Jul 17, 2010
July 16, 2010 A.I.G. to Pay $725 Million in Ohio Case By MICHAEL POWELL and MARY WILLIAMS WALSH The American International Group, once the nation’s largest insurance group before it nearly collapsed in 2008, has agreed to pay $725 million to three Ohio pension funds to settle six-year-old claims of accounting fraud, stock manipulation and bid-rigging. Taken together with earlier…[...]
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If you can find cases in which Wells Fargo claimed to be "a California Corporation" or any other state like "a Missouri Corporation" write in immediately with the case number and jurisdiction. If you have the pleading it will be even better. Send to ngarfield@msn.com with attachments[...]
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Oregon Joins Lawsuit Against Countrywide Chris Lehman | July 14, 2010 | Salem, OR Share Discuss download // // Oregon is joining a class action lawsuit against mortgage lender, Countrywide. The suit alleges Countrywide duped investors into buying securities backed by on home loans that were riskier than Countrywide represented. The investors included the Oregon Public Employees Retirement System. Oregon Attorney…[...]
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Well you have to give credit to Sheila Baer> She gets it. Here she is going after the IndyMac executives for making loans to developers that they knew would not be repaid. It is the first time that an important agency has recognized the link between the malfeasance of the originating lenders, the securitization intermediaries and the developers. It is…[...]
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It is gratifying to see state officials taking a proactive stance. As comptroller, Mr. Liu should consider the details, however. The fact remains that modifications are largely a sham. The only lender of record is the usually the originating lender. The parties charged with modification have little or nothing to say or do about modifications. What is necessary is for…[...]
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A reader asked about a post I had written a long time ago about property insurance. Her question relates to the realities of today's marketplace. First, she wants to get her premium down because the home is not worth the amount of the policy limits. So she wants to go to her insurance agent and ask for a site survey…[...]
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The bank transferred mortgage-backed securities to a trading partner with the idea of receiving different securities later and classifying the deals as sales, the Wall Street Journal reported yesterday. The securities the bank received were similar to those it got rid of, meaning the transactions can’t be considered sales, the newspaper said. Bank of America had disclosed in a March…[...]
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A misrepresentation is fraudulent if the maker (a) knows or believes that the matter is not as he represents it to be, (b) does not have the confidence in the accuracy of his representation that he states or implies, or (c) knows that he does not have the basis for his representation that he states or implies. Inflated values were…[...]
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