Broker Defends Ownership Of Junk Wells Fargo Mortgages

Law360, New York (March 20, 2017, 4:20 PM EDT) -- A holding company that allegedly suffered $230 million in losses because Wells Fargo & Co. rubber-stamped junk mortgages told a Manhattan federal magistrate judge on Friday that the company has proven ownership of the at-issue mortgages and that the bank's contentions otherwise are false.

Phoenix Light SF Ltd., which holds residential-mortgage backed securities shed by German bank WestLB AG during the financial crisis, told Judge Sarah Netburn that the company had turned over trade tickets, asset purchase agreements and other documents showing it owns three out...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.