FDIC sues 12 banks over mortgage bonds sold to Colonial

The Federal Deposit Insurance Corp. (FDIC) has filed a lawsuit against major banks over the alleged sale of $388 million of risky mortgage-backed securities. the facts related to the MBS they sold.

Bank of America sued the FDIC in the fall of 2010 in Washington D.C. The FDIC, which claimed the bank didn’t have the authority to sue it over losses. involved Colonial "purchasing" mortgage loans.

which failed in February, though both bids were unsuccessful, according to documents posted on the FDIC’s Web site. TD is understood to have made another attempt, for Colonial Bank, which failed last.

Into the void: What the decision in Yvanova means By William Hudson Last week the California Supreme Court ruled in Yvanova v. New Century mortgage corporation (case No. S218973, Cal. Sup. Ct. February 18, 2016) that homeowners have standing to challenge a note assignment in an action for wrongful foreclosure on the grounds that the assignment is void.

The Federal Deposit Insurance Corp. on Friday filed five lawsuits in Alabama, New York. Colonial Bank into buying doomed mortgage-backed securities.. Inc. – the holding company for the bank taken over by the FDIC – is suing. Chase Mortgage Finance Corp. et al., case number 12-CV-6166, in the.

WASHINGTON (MarketWatch) – The Federal Deposit Insurance Corp. on Tuesday auctioned off stakes in $609 million of distressed mortgage assets from. real estate loans from 12 failed bank.

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