German bank files $160 million MBS suit too late
According to Law360, Germany’s fourth-largest bank, DZ Bank, was a little too late under that country’s statute of limitations to sue UBS AG (UBS) over $160 million worth of mortgage-backed securities it bought.
Mary Kay Vyskocil of Simpson Thacher & Bartlett LLP, who represents UBS, told Judge Marcy Friedman that under New York’s borrowing statute, the statute of limitations where the party’s economic injury is felt determines which jurisdiction’s statute of limitations applies to the case.
EverBank to pay $37 million to mortgage customers
EverBank (EVER) has agreed to pay an estimated $27 million in cash payments to more than 32,000 eligible mortgage borrowers, the Office of the Comptroller of the Currency announced Friday.
Borrowers whose home was in any stage of foreclosure between 2009 and 2010 with EverBank will be granted cash compensation, with payments ranging from $1,050 to $125,000 plus equity when appropriate.
Borrowers who are eligible will be contacted directly by a third-party paying agent and will receive compensation whether or not they filed a request for review form. To be eligible for compensation, borrowers are not required to take further action.
Additional information regarding payments will be announced in the near future, the OCC said in a statement.