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Lehman Brothers

U.S. Judge Orders Bernanke to Testify in AIG/MBS Bailout Case

Black Gavel Pic/Credit: Brand X Pictures

Beginning in September 2008, the U.S. government let Lehman Brothers file for bankruptcy. Not long after that, the U.S. Department of the Treasury stepped in to save American International Group (AIG). AIG had essentially, crippled itself by not delivering on mortgage-backed securities (MBS) and various other contracts. Two years later, AIG began unloading assets to companies like MetLife, reportedly using the majority of the money accrued from these kinds of sales to pay back government loans.Click to continue

Frank V. McMahon Named Executive Chair of DataQuick

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DataQuick has announced that Frank V. McMahon has been named executive chairman of the company. McMahon will play an active part in the management of many of DataQuick’s most significant client relationships and the development and execution of strategic priorities. He will participate in many of DataQuick’s growth initiatives, including the company’s plans to expand Rels Title.Click to continue

Former Lehman Brothers Mortgage Division COO Joins loanDepot.com

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loanDepot.com LLC has announced that mortgage industry veteran Scott Anderson has joined the firm as executive vice president, head of corporate strategy. Anderson will oversee loanDepot’s strategic expansion and ongoing commitment to loan quality, superior customer care, uncompromised ethical standards and customer education.Click to continue

Michael Jones Named CFO of Shore Financial Services

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Shore Financial Services Inc. has announced the appointment of Michael Jones as its chief financial officer. Jones, who has 25 years of experience in the mortgage and financial services industry, is joining Shore Financial's growing management team at a time when the company is focusing on new opportunities in the financial services marketplace.Click to continue

Paul E. Sveen Named CEO of Integrated Asset Services

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Integrated Asset Services LLC (IAS), a leader in default management and residential home collateral services, has announced that Paul E. Sveen has been appointed chief executive officer of IAS. A 25-year veteran of the industry, Sveen was recognized for his solutions-based approach to client relationship development.Click to continue

FCIC Report: Wall Street and Regulators Get Final Blame for Mortgage Meltdown

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The Financial Crisis Inquiry Commission (FCIC) has delivered the results of its investigation into the causes of the financial and economic crisis. In producing this report, the "Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States," held 19 days of public hearings in New York, Washington, D.C., and communities across the country that were hardest hit by the economic crisis; interviewed more than 700 witnesses and reviewed millions of pages of documents.Click to continue

Former JP Morgan Chase CEO Thomas L. Wind Joins J.I. Kislak Mortgage

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The Kislak Organization has announced the appointment of Thomas L. Wind as managing director of of J.I. Kislak Mortgage LLC (Kislak Mortgage), the organization’s residential mortgage lending division. Wind will be based in Denver, Colo. With more than 20 years of residential mortgage banking experience, Wind comes to Kislak with one of the most successful mortgage banking careers in the industry, formerly serving as chief executive officer of JPMorgan Chase’s residential mortgage lending businesses.Click to continue

Class action suit filed against Charles Schwab for high-risk MBS

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Hagens Berman Sobol Shapiro LLP has announced that it has filed a class-action lawsuit against Charles Schwab & Company on behalf of investors who owned shares in the Schwab Total Bond Market Fund as of Nov. 30, 2006. The suit, filed in the U.S. District Court for the Northern District of California, accuses San Francisco-based Charles Schwab of causing the fund to deviate from its fundamental business objective to track the Lehman Brothers U.S. Aggregate Bond Index.Click to continue

Sarasota County files $40 million suit against Wells Fargo Bank

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A $40 million lawsuit has been filed by Florida's Sarasota County against Wells Fargo Bank NA, alleging improper investment advice with regard to the county’s securities lending portfolio prior to the market crash in 2008. Sarasota attorney Drew Clayton has been retained to prosecute the case on behalf of the county’s clerk of court and county comptroller, Karen Rushing. In her capacity as clerk of court and county comptroller, Rushing serves as the county’s top financial officer.Click to continue