in News > Residential Mortgage
print the content item


Germany's HSH Nordbank AG has filed lawsuits against two units of Barclays PLC, claiming that Barclays intentionally misrepresented the quality of loans underlying the sale of $46 million in residential mortgage-backed securities (RMBS).

The Wall Street Journal reports that the lawsuits are the latest legal challenge by HSH against Barclays. In February, HSH filed a separate summons against Barclays that stated it was planning to sue over another $122.7 million RMBS offering.

"For each of the securitizations, the offering documents materially overstated the percentage of loans that were owner-occupied, and thus materially understated the certificates' degree of risk," said HSH in its new lawsuit.

HSH also claims that Barclays did not assign all of the mortgages to trusts backing the RMBS.

"Indeed, without such assignment of the mortgages into the trusts, these so-called 'mortgage-backed securities' were not actually backed by mortgages," HSH continued.  "Plaintiffs would not have purchased these certificates had they known they were not backed by collateral or the notes."


Six important questions you need to ask about your compliance process. Click to download the buyers guide._id1144


Latest Top Stories

NAR: Existing Home Sales Stagnant In March

Lawrence Yun, chief economist for NAR, says the trend is troubling because "there really should be stronger levels of home sales given our population growth."


RealtyTrac: 9.1 Million Homes Still Seriously Underwater In Q1

Although home values have increased more than 12% on average during the past year, there were still about 9.1 million properties "seriously underwater" as of the first quarter, according to RealtyTrac’s U.S. Home Equity & Underwater Report.


Greenwich Estate Sells For Record $120 Million

Copper Beech Farm, a 51-acre property and mansion located on the waterfront in Greenwich, Conn., hit the market last spring with an asking price of $190 million.


AMCs Generally Receptive To Proposed 'Minimum Requirements' Rule

The rule would require all AMCs that operate in states that have supervisory programs to register in those states and to allow those states to have authority over their licensing.


Major Metros Showing 'Early Signs' Of A Housing Bubble

Among the 35 largest metros nationwide, more than half of homes currently listed for sale are considered unaffordable by historical standards, according to a recent report from Zillow.

LenderLive_id1164
Hse SandyHook
Play for Pink
Orb Mobile
FedHomeLoan_id1130
Superior Home_id1078
SWBC_id1156