Daily Archives: September 7, 2013

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UBS Exits Battle Over Fannie, Freddie MBS Losses

UBS Exits Battle Over Fannie, Freddie MBS Losses

Law360, Los Angeles (September 06, 2013, 6:12 PM ET) — UBS Securities Inc. settled a dispute with the Federal Housing Finance Agency on Friday, releasing it from multidistrict litigation over allegedly shoddy mortgage-backed securities it underwrote that were purchased by Fannie Mae and Freddie Mac.

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MA Attorney General Coakley is urging people to fight foreclosures

MA Attorney General Coakley is urging people to fight foreclosures

SPRINGFIELD, Mass. (WWLP) – Massachusetts Attorney General Martha Coakley came to Springfield Wednesday. The Attorney General urged foreclosure victims not to give up the fight and to save their homes.

Tammy Sullivan of Springfield is a single mother of two. She credits the Attorney General and a group called “Springfield No One Leaves” with helping her fight for her home in the Pine Point section of the city.

“I said no, you’re not going anywhere, my mother worked too hard for our family, and if they want me out of this house, they’ll have to drag me out.”

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Bank of America Settles Merrill Sex Discrimination Case

Bank of America Settles Merrill Sex Discrimination Case

Bank of America Corp. will pay $39 million to settle a discrimination lawsuit brought on behalf of women employees at its Merrill Lynch unit, according to court filings.

Lawyers representing female financial advisers and licensed trainees filed a request for approval of the settlement today in federal court in BrooklynNew York. The advisers alleged in the lawsuit that Merrill discriminated against women in those positions in compensation and business opportunities.

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Court decisions set up legal foreclosure showdown in Utah

Court decisions set up legal foreclosure showdown in Utah

A federal appeals court decision could mean a lawsuit based on a key provision of Utah’s foreclosure laws will be sent back to state courts, which are now under the sway of a recent Utah Supreme Court decision that went strongly against the largest foreclosure entity in this state, Bank of America.

At issue are rulings by several federal judges in Utah that Texas laws govern foreclosures in this state when they are carried out by ReconTrust Inc., the Texas-based foreclosure arm of Bank of America. If eventually found to have violated Utah laws in carrying out tens of thousands of foreclosures, Bank of America could face thousands of damage claims by homeowners.

Dallas Fed Chief Richard Fisher: ‘Elected officials sold our children down the river’

Kudos to Richard Fisher!

The future economy doesn’t bode well for most Americans,Federal Reserve Bank of Dallas President Richard Fisher suggested this week.

While speaking at the Dallas Estate Planning Council, Fisher blamed both political parties for failing to do their part and said the Fed has “begun to socialize the idea that there is no QE infinity,” the Wall Street Journal reported. The Fed bank chief said the central bank has not made a definitive decision on when QE tapering will actually begin.

The publication conveyed Fisher’s frustrations with Congress, releasing the following quote from the event:

Elected officials have “sold our children–and our grandchildren–down the river,” Mr. Fisher said. “We haven’t had a budget for five years; no one knows what their taxes are going to be; no one knows what spending is going to be.”

Source: WSJ