Mortgage Lenders Network USA Inc. has unveiled a Chapter 11 liquidation plan that would provide $600 million to pay anywhere from 1% to 15% of unsecured claim amounts but would leave holders of subordinated claims and equity interests without reimbursement.
To help clients take advantage of the recent downturn in the capital markets, law firm Thacher Proffitt & Wood LLP has created a new group focused on distressed assets.
Addressing the increase in government investigations into the subprime mortgage crisis, Kilpatrick Stockton LLP has expanded its Subprime and Credit Markets Litigation Team to include lawyers with expertise in special investigations and white-collar crime.
In the midst of a nationwide mortgage crisis, the Government Accountability Office is urging Congress to create a single regulator to oversee government-sponsored housing enterprises like Fannie Mae and Freddie Mac in hopes of repairing what it considers a “fragmented” federal oversight structure.
Economic uncertainty inspired by the widening credit crunch has left many top firms wrestling with the question of whether to reassign associates in slumping practice areas or to start making job cuts. Law firm Dechert LLP now seems to have done a bit of both.
The two largest purchasers of home loans in the United States, Fannie Mae and Freddie Mac, have agreed to form a watchdog group that will help regulators oversee home appraisals.
Senate Republicans voted Thursday to block debate on a controversial housing bill aimed at tempering subprime mortgage market woes by helping homeowners faced with foreclosure.
A federal jury has awarded a former employee of time-share tycoon David Siegel $5.4 million for alleged battery at the hands of the multimillionaire.
Bankrupt Mortgage Lenders USA Inc. is asking a judge to allow it more time to maintain its exclusive right to file a reorganization plan, saying negotiations between creditor groups have not allowed it to press ahead.
A group of New York consumers has filed a proposed class action against four of the largest title insurance companies in the country and a trade association, alleging they conspired to fix the prices of title insurance in the state.
A proposed class action against homebuilder KB Home and mortgage lender Countrywide Home Loans Inc. alleges that the companies used fraudulent appraisal reports to artificially support prices of KB houses when the California real estate market started to crumble.
An appeals court has upheld a National Labor Relations Board ruling that a Connecticut real estate management firm violated national labor laws when it decided not to hire unionized employees of a newly acquired business.
Though Wall Street's biggest banks have already been hit hard by the subprime mortgage crisis, for some players in the industry, the worst is yet to come. A new report projects that providers of directors' and officers' liability insurance could face $3.6 billion in costs stemming from subprime-related litigation.
An antitrust class action accusing Commonwealth Land Title Insurance Co. of overcharging customers who refinanced their homes will proceed, now that a federal judge has granted class certification.
Ignoring noteholder protests, a federal bankruptcy judge has given homebuilder Tousa Inc. the go-ahead to draw upon $135 million to finance its Chapter 11 reorganization and keep operations up and running.
Only days after homebuilder Tousa Inc. ducked into Chapter 11, a group of noteholders is urging the judge to allow them to scrap the July 2007 refinancing that they say helped land the mortgage lender in bankruptcy in the first place.
A hedge fund with a stake in Countrywide Financial Corp. has told federal regulators it opposes Bank of America's planned buyout of the ailing mortgage lender, saying the merger would leave shareholders shortchanged.
Three affiliates of Countrywide Financial Corp., the mortgage lender Bank of America has agreed to buy in a $4.1 billion deal, were hit with a proposed class action accusing them of forcing their own insurance on Florida borrowers who were already insured.
The property management company for the Las Vegas Trump International Hotel & Tower has accused Donald Trump of ambushing it in the market for renting owners' units by forbidding the company to use the Trump moniker.
Homebuilder Tousa Inc. will file for Chapter 11 protection as part of a restructuring agreement it has already reached with more than half of its senior noteholders.