October 20, 2010
The Mortgage Buyback Brouhaha (So Far) In Three Easy Links
∙ Pimco, NY Fed Said to Seek BofA Mortgage Repurchases [Bloomberg]
∙ Fed’s ‘Weight’ Joins Mortgage Investor Bid for Relief [Bloomberg]
∙ BofA Will ‘Defend’ Shareholders in Mortgage Buybacks [Bloomberg]
First Published: October 20, 2010 10:00 AM
Comments from "Plugged In" Readers
Anybody think the uncertainty around this is related to the recent mortgage rate climb?
quote from linked article:
"The volume of mortgage loan applications fell 10.5% on a seasonally adjusted basis in the week ending Oct. 15, the Mortgage Bankers Association said Wednesday. Refinancing applications fell 11.2% from the previous week, the sixth time in the past seven weeks that refi applications decreased. New-home purchase loan applications decreased by 6.7% from the prior week and were 29.4% lower than in the year-earlier week. "
Posted by: lyqwyd at October 20, 2010 11:34 AM
It's going to take actions and potential lawsuits like this to really get to the heart of whether the securitizations were done properly (I believe #3 of ex SF-er's list).
Posted by: sfrenegade at October 20, 2010 11:49 AM
Interesting exploration of the NY Fed/Pimco suit here:
Yves Smith thinks the suit does not have much of a chance and explains why. The comments are also worth reading--many of the commenters appear knowledgeable, though one cannot know if they are knowledgeable *and* correct.
Posted by: Delancey at October 20, 2010 12:56 PM
Whistling past the felony graveyard.
Posted by: EH at October 20, 2010 2:28 PM