bitte jeder soll selbst übersetzen; Bank of New York Mellon Corp. filed a court petition seeking approval of an $8.5 billion settlement with Bank of America Corp. over residential mortgage- securitization trusts.
Bank of New York Mellon is to give notice of the accord to investors in the mortgage-backed securities, mortgage companies Fannie Mae and Freddie Mac, ratings companies, bond insurers including Ambac Assurance Corp. and MBIA Insurance Corp., and underwriters including Deutsche Bank AG and Goldman Sachs Group Inc.
Ausserdem;
von der ambacseite;
http://www.ambac.com/pdfs/Structured%20F...
und http://www.ambac.com/CABS/CABS.asp
Ambac hat die Klage gegen BACs mit den grossen Investoren wie z.B. Pacific Investment Management Co und anderen grossen investoren gemeinsam geführt.
http://www.finanznachrichten.de/...must-pay-for-rmbs-breaches-020.htm
http://www.businessweek.com/news/2010-09-29/...countrywide-bonds.html
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/...0S9GL48PCJU7G.DTL
Bank of New York Mellon Corp. filed a court petition seeking approval of an $8.5 billion settlement with Bank of America Corp. over residential mortgage- securitization trusts.
BNY Mellon made the filing yesterday in New York State Supreme Court in Manhattan as trustee of 530 residential mortgage-securitization trusts established from 2004 to 2008. Investors claimed that Countrywide Home Loans Inc. and other sellers breached agreements.
The agreement requires Bank of America, the parent of Countrywide, or Countrywide, or both, to pay $8.5 billion into the trusts, with amounts based on past and expected future losses associated with the loans in each.
"This settlement resolves a significant portion of the Countrywide private label securitization exposure and it allows us to put this matter behind us and focus on running our business," Jerome Dubrowski, a spokesman for Bank of America, said in an interview.
Justice Barbara R. Kapnick of New York State Supreme Court in Manhattan yesterday set a hearing on the settlement for Nov. 17.
Bank of New York Mellon is to give notice of the accord to investors in the mortgage-backed securities, mortgage companies Fannie Mae and Freddie Mac, ratings companies, bond insurers including Ambac Assurance Corp. and MBIA Insurance Corp., and underwriters including Deutsche Bank AG and Goldman Sachs Group Inc.
While individual agreements govern each securitization, all contain representations that the mortgage loans conform to underwriting guidelines and conform to their descriptions in investor disclosure documents, the petition says. The loan documents also include servicing obligations, it says.
"A substantial dispute has arisen concerning the sellers' alleged breaches of representations and warranties in the governing agreements, and the master servicer's alleged violations of prudent servicing obligations," the petition says.
Institutional investors, whose current holdings are in the tens of billions of dollars, according to the filing, include Blackrock Financial Management Inc., Pacific Investment Management Company LLC, Federal Home Loan Mortgage Corp., Goldman Sachs Asset Management LP, Trust Co. of the West, and Teachers Insurance and Annuity Association of America.
The case is In the matter of the application of The Bank of New York Mellon, 651786/2011, New York state Supreme Court, New York County (Manhattan).
For more, click here.
Citigroup, Lehman Europe Settle Over $2.5 Billion in Assets
Citigroup Inc. and Lehman Brothers International Europe reached a settlement over assets valued at more than $2.5 billion that were held for the collapsed investment bank by Citigroup in a number of countries.
Citigroup agreed to immediately begin transferring assets held in custody for LBIE, which it kept while determining how it was affected by Lehman's collapse, PricewaterhouseCoopers, Lehman's U.K. administrator, said in a statement. Both parties will drop all claims against each other, PwC said.
"This is by far the largest single deal we have undertaken and easily the most complex to negotiate and then structure, given the sheer scale of the legacy relationship between Citigroup and LBIE," Paul Copley, a PwC restructuring partner who led the negotiations, said in the statement.
Before going into administration, LBIE and New York-based Citigroup entered into "a large volume" of agreements related to over-the-counter derivatives, stock lending, repurchase transactions, prime brokerage and trading arrangements, both on behalf of the banks and for third parties, LBIE said.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/...DTL#ixzz1QllIcMXE |
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