Ally

FDIC Files Three RMBS Lawsuits as Receiver for a Texas Bank

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On August 17, the FDIC, in its capacity as receiver for Texas-based Guaranty Bank, filed three actions in Texas state court arising out of the bank’s alleged investments in 36 RMBS certificates totaling $5.4 billion in face value.  In all three suits, the FDIC alleges that the defendant banks violated the Texas Securities Act and the Securities Act of 1933 by making material misrepresentations and omissions in offering documents.  The FDIC seeks a combined total of at least $2.1 billion, plus attorneys’ fees and costs.

Complaint: FDIC v Ally Securities, et al. 
Complaint: FDIC v Countrywide Securities Corp, et al. 
Complaint: FDIC v J.P. Morgan Securities, et al.

Fed Releases Citi and HSBC Mortgage Servicing and Foreclosure Action Plans

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On May 24, the Fed released action plans for Citigroup and HSBC to correct alleged deficiencies in residential mortgage loan servicing and foreclosure processing. The Fed also released the engagement letter between Ally and the independent contractor retained to review foreclosures that were processed in 2009 and 2010. Fed Release.

Fed Mortgage Loan Servicing Action Plans

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On March 8, the Fed released action plans from HSBC, Ally and IMB HoldCo. to correct alleged deficiencies in residential mortgage loan servicing and foreclosure processing.  The Fed also released the engagement letter between HSBC and the independent consultant retained to review foreclosures that were in process in 2009 and 2010.  Fed Release.  Action Plans and Engagement Letter.