German regulator to intensify Deutsche Bank libor probe: sources

German regulator to intensify Deutsche Bank libor probe: sources

 

FRANKFURT/BERLIN –  German regulator Bafin has raised doubts about Deutsche Bank’s internal probe of its role in setting inter-bank lending rates and will intensify its probe of Germany’s biggest lender, two sources familiar with Bafin’s report said.

Bafin, which has been investigating Deutsche Bank’s involvement in setting the London Inter-Bank Offered Rate, or Libor, has reviewed Deutsche Bank’s internal findings as part of its own probe, the sources said on Thursday.

It is too early to draw any conclusions about the possible consequences of the intensified probe, one of the two people said.

Read more: http://www.foxbusiness.com/news/2013/04/18/german-regulator-to-intensify-deutsche-bank-libor-probe-sources/#ixzz2Qsvqsz1p

 

Read more: http://www.foxbusiness.com/news/2013/04/18/german-regulator-to-intensify-deutsche-bank-libor-probe-sources/#ixzz2QsvhlaxN

Kickback Claims Will Follow Bank of America

Kickback Claims Will Follow Bank of America

(CN) – Bank of America cannot dismiss claims that it funneled unlawful kickbacks from private mortgage insurers to reinsurance subsidiaries, costing borrowers more than $284.7 million, a federal judge ruled.
     In a putative federal class action, Thomas Riddle, Marilyn Fischer and Jeffrey Stanton said that Bank of America and its affiliates funneled unlawful kickbacks from private mortgage insurers to the reinsurance subsidiaries that the lenders created, so that the reinsurers received hundreds of millions of dollars in premiums but assumed little or no actual risk.
     “Each of these reinsurance contracts … effectively allowed the reinsurer to opt out of the scheme at its choosing and without suffering adverse consequences,” the amended complaint states.
     The borrowers meanwhile allegedly paid at least $284.7 million all together for mortgage insurance.
     Claiming that the statute of limitations under the Real Estate Settlement Procedures Act had lapsed, Bank of America and the affiliates moved to dismiss. The class countered that the statute should be tolled because the defendants “knowingly and actively concealed the basis for plaintiffs’ claims.”
     Senior U.S. District Judge Berle Schiller in Philadelphia refused to dismiss the action on April 11.

Read | What a Non-Independant Foreclosure Fraud Review Settlement Letter From a$300 Check Says…

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Bank of America CEO, ex-CEO must face mortgage disclosures lawsuit

Bank of America CEO, ex-CEO must face mortgage disclosures lawsuit

(Reuters) – A federal judge has revived a securities fraud lawsuit accusing Bank of America Corp Chief Executive Brian Moynihan, his predecessor Kenneth Lewis, and others of misleading shareholders about the risk the bank might have to buy back large amounts of soured mortgages.

U.S. District Judge William Pauley in Manhattan in July had dismissed various claims against the executives by shareholders led by the Pennsylvania Public School Employees’ Retirement System, while letting their case against the second-largest U.S. bank proceed.

THE FLORIDA BAR V DAVID JAMES STERN: FLORIDA BAR FILES 17-COUNT COMPLAINT AGAINST FORMER FORECLOSURE KING

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UBS hands over docs to FHFA in RMBS suit

UBS hands over docs to FHFA in RMBS suit

A New York federal judge ordered a unit of UBS AG ($15.19 -0.4%) to produce portions of documents it claimed as privileged to Federal Housing Finance Agency, in the agency’s litigation claiming UBS misrepresented the quality of roughly $182 billion in residential mortgage-backed securities.