Friday, 27 March 2015
Last updated 45 min ago
Aug 21 2009 | 3:25am ET
Bank of America will have to battle its hedge fund nemesis in state court, after a federal court refused its bid to move the case over revising the terms of mortgages to the new venue.
The Greenwich Financial Services Fund wants Countrywide Financial Corp., which BofA bought last year, to repurchase any mortgages loans sold to securitization trusts—at full price—that it renegotiates. After buying the troubled lender, BofA struck a deal with 15 state attorneys general to aid borrowers to the tune of $8.4 billion, settling predatory lending charges. Greenwich Financial says that would hurt any investors who bought the 374 securitization trusts that contain the 400,000 mortgages it planned to revise, and that Countrywide-BofA should take the hit itself, rather than passing it along to bondholders.
BofA sought to move the battle from state court to federal court, but was rebuffed yesterday.
“Congress passed two statutes within a year of each other to address the mortgage crisis,” U.S. District Judge Richard Holwell wrote in his ruling, sending the case back to New York state court. “In neither of these statutes did Congress federalize the case before this court.”
Greenwich Financial is seeking class-action status for its lawsuit.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…