Four Banks Sued Over RMBS Losses – NMP Skip to main content

Four Banks Sued Over RMBS Losses

Phil Hall
Dec 28, 2015

Germany’s Commerzbank AG has filed lawsuits against a quartet of U.S. over more than $2 billion in losses related to residential mortgage-backed securities (RMBS) issued between 2005 and 2007.

The Wall Street Journal, citing court documents that it viewed in U.S. District Court, is reporting that Commerzbank has targeted Bank of New York Mellon Corporation, Wells Fargo NA and HSBC Bank USA NA, plus Deutsche Bank AG ’s U.S. unit, Deutsche Bank National Trust Company in its litigation, charging that the banks did not monitor losses on the securities for which they acted as Commerzbank’s trustees. Commerzbank accuses the banks of failing the fulfill their respective “contractual and fiduciary duties.”

Each bank is the subject of a separate lawsuit filed on Dec. 23 and Dec 24 in the U.S. District Court for the Southern District of New York. Commerzbank made no public announcement of the lawsuit and the four banks being sued have not issued public comments on the litigation.

Published
Dec 28, 2015
CFPB Seeks Insight On Creating A Fairer Mortgage Market

The Consumer Financial Protection Bureau has been actively looking to create a fairer mortgage market, free of discriminatory engagements. To do so, it issued a Request for Information to seek input on rules implementing the Home Mortgage Disclosure Act.

Regulation and Compliance
Nov 17, 2021
Regulators Renew Effort to Protect Against Foreclosures

CFPB, The Fed, FDIC and other agencies will watch for compliance with COVID-19 protections

Regulation and Compliance
Nov 10, 2021
Fed To Begin Tapering Asset Purchases by 14.3% This Month

Also sets target range for the federal funds rate at 0 to 1/4%.

Regulation and Compliance
Nov 03, 2021
CFPB Cracks Down On Discriminatory Credit Reporting For Black And Hispanic Consumers

Consumers in majority Black and Hispanic neighborhoods are far more likely to have disputes appear on their credit reports. 

Regulation and Compliance
Nov 03, 2021
CFPB Names 2 New Assistant Directors

Former Obama Administration officials will lead Supervision Policy, Enforcement divisions.

Regulation and Compliance
Oct 29, 2021
FHFA Proposes Extra Disclosure Rules For Fannie, Freddie

The proposed rule for the Enterprise Regulatory Capital Framework seeks to put Enterprises on a "level playing field" with U.S. banking requirements.

Regulation and Compliance
Oct 28, 2021