FDIC Announces $190 Million Settlement of Residential Mortgage-Backed Securities Claims with Eight Financial Institutions

FDIC

FDIC Announces $190 Million Settlement of Residential Mortgage-Backed Securities Claims with Eight Financial Institutions

The Federal Deposit Insurance Corporation (FDIC) as receiver for five failed banks today announced a $190 million settlement of certain residential mortgage-backed securities (RMBS) claims with Barclays Capital Inc.; BNP Paribas Securities Corporation; Credit Suisse Securities (USA) LLC; Deutsche Bank Securities Inc.; Edward D. Jones & Co., L.P.; Goldman, Sachs & Co; RBS Securities Inc.; and UBS Securities LLC.

The settlement resolves federal and state securities law claims based on misrepresentations in the offering documents for 21 Countrywide RMBS purchased by the five failed banks. The FDIC as receiver for failed financial institutions may sue professionals and entities whose conduct resulted in losses to those institutions in order to maximize recoveries. From November 2011 through August 2012, the FDIC as receiver for the five failed banks filed six lawsuits for violations of federal and state securities laws in connection with the sale of the 21 RMBS to the failed banks. The FDIC has filed a total of 19 RMBS lawsuits on behalf of eight failed institutions seeking damages for violations of federal and state securities laws.

The settlement funds will be distributed among five failed bank receiverships: Colonial Bank of Montgomery, Alabama, which failed on August 14, 2009; Franklin Bank, S.S.B. of Houston, Texas, which failed on November 7, 2008; Guaranty Bank of Austin, Texas, which failed on August 21, 2009; Security Savings Bank of Henderson, Nevada, which failed on February 27, 2009; and Strategic Capital Bank of Champaign, Illinois, which failed on May 22, 2009.

Attachment: Settlement and Release Agreement – PDF

Source: https://www.fdic.gov

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4closureFraud.org

Comments
5 Responses to “FDIC Announces $190 Million Settlement of Residential Mortgage-Backed Securities Claims with Eight Financial Institutions”
  1. Alabama John says:

    What you can expect is nothing.
    They will pay only the ones that make them pay.
    Sue them all and let a jury decide what they will pay you and I’ll bet you will be made a handsome offer to quietly settle and keep the settlement secret and drop your case and not go to court, especially before a jury of YOUR Peers (that are on jury duty because they have plenty of time off since they have no job or have been foreclosed on) which is your Constitutional right to demand.

  2. bgreen50 says:

    Will our questions be answered?
    My home of 40 years gone resold and my belongings as well. All gone. I am a senior. Will be given our homes or enough to purchase one and damages?

  3. Bruce R Nelson says:

    This only works ithhey ar policed and forced to repay the homeowners. For a fact no one , in my opinion is policing or forcinh OCWEN to return $ to homeowners. In fact Ocwens tactics now are to say :sorry we have lost your files even though its been 2 years we have absued and ignorded you will you send us anothe set of docs like you did 2 years ago!” Thats exactly what Ocwen this [past 2 months is doing to me. I have suggested they look the same place they “lost” my property NOTE and Mortgage. They probably “”lost” those irreplaceable docs exaactly the way they destroyed me and millions others out of their homes I wish this #190 million is habdled bettter than what happened to the CFPB ordered $2 billion recovery fund I wa supposed to be part of.

  4. kimrbradford says:

    Who is getting this money, is it like the last one where we got a little over 1, 000 for our homes that the stold?

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