Circuit Court Revives FDIC’s Securities Suit Against Deutsche, Goldman, and RBS

first_img Tagged with: Deutsche Bank FDIC Goldman Sachs Lawsuits Mortgage-Backed Securities Royal Bank of Scotland  Print This Post Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Share Save Home / Daily Dose / Circuit Court Revives FDIC’s Securities Suit Against Deutsche, Goldman, and RBS Deutsche Bank FDIC Goldman Sachs Lawsuits Mortgage-Backed Securities Royal Bank of Scotland 2015-08-11 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Servicers Navigate the Post-Pandemic World 2 days ago August 11, 2015 1,071 Views center_img Subscribe Related Articles Circuit Court Revives FDIC’s Securities Suit Against Deutsche, Goldman, and RBS Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The 5th U.S. Circuit Court of Appeals in New Orleans has revived a lawsuit filed by the Federal Deposit Insurance Corp. (FDIC) accusing Deutsche Bank, Goldman Sachs, and the Royal Bank of Scotland of fraud with regards to $840 million worth of mortgage-backed securities sold to a Texas bank that later failed, according to multiple media reports.Citing a federal law passed in 1989 following the savings and loan crisis, the 5th Circuit Court ruled that the FDIC had an extended amount of time to file lawsuits on behalf of institutions it insures that went into receivership. The FDIC is accusing the Deutsche, Goldman, and RBS of making false statements in selling $840 million in mortgage-backed securities to Texas-based Guaranty Bank in 2004 and 2005. The FDIC took the bank into receivership in June 2009.A judge in Austin, Texas, dismissed the lawsuits filed by the FDIC last year against the financial institutions, stating that a Texas law that required lawsuits to be filed within five years of the sale of the mortgage-backed securities superseded the federal law. The lawsuits were filed in 2014, nine and 10 years after the securities were sold.Circuit Judge Carolyn Dineen King wrote in her ruling that it was “highly unlikely” that Congress would have applied the time limit in some cases but not all, according to a report from Reuters. She wrote in her ruling that the federal law allowed the FDIC to focus on handling bank failures instead of worrying about whether or not there is a potential statute of limitations and what that time limit might be.This is not the first case in which an appeals court has ruled in favor of the regulators on the time limit issue. Last year, a federal appeals court in Denver found that the National Credit Union Administration filed its mortgage-backed securities lawsuits in a timely manner, according to Reuters.Another mortgage-backed securities case in which RBS was involved was decided in May in favor of the government agency that filed the suit. The FHFA alleged it suffered monumental losses when the sponsor of the mortgage-backed securities, Nomura, and the securities’ underwriter, RBS, did not follow underwriting guidelines on 68 percent of a sample of a bundle of securities backing more than $2 billion worth of mortgages sold to the GSEs prior to the financial crisis of 2008. FHFA was seeking $1.1 billion; the court found Nomura liable and FHFA was awarded $806 million. Nomura has appealed the penalty, and the time limit issue could be pivotal in the appeals court’s decision, since Nomura contents that the FHFA waited too long to file the suit.FHFA currently has a separate suit pending against RBS; the Scotland-based bank is the last case to be decided out of 18 lawsuits filed by the FHFA against lenders in 2011 to recoup U.S. taxpayer costs following the government’s $188 billion bailout of Fannie Mae and Freddie Mac in 2008. Sixteen of the lenders settled; the Nomura case was the first one to go to trial. The RBS case is expected to go to trial sometime next year. in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: GSEs Have Totaled Nearly 3 Million Home Retention Actions During Conservatorship Next: Nearly All Metro Areas See Home Price Appreciation in Q2last_img read more

East Central’s Alex Maxwell up for Athlete of the Week

first_imgCincinnati, Oh. — The Cincinnati Enquirer has received nominations for their athlete of the week. East Central’s, Alex Maxwell, who plays Quarterback is vying for Top Northern Kentucky/Indiana Player of the Week. According to the enquirer, “he was 7-for-12 passing with 134 yards and one touchdown. He also had 107 yards on 13 carries for three more touchdowns as East Central beat Greensburg 38-14.” You can vote for Alex here, as well as check out the other players vying for Athlete of the Week. You can vote once per hour, so keep voting!last_img read more

Engine auction adds $18,200 to Saturday Super Nationals purse

first_imgBOONE, Iowa – The post-race auction of Saturday champions’ engines at the IMCA Speedway Motors Super Nationals fueled by Casey’s added $18,200 to the purse paid out to other drivers in those four divisions.Modified champion Ricky Thornton Jr.’s engine sold for $6,500 so each of the other 32 drivers starting that event receives $203.13.The engine that put Elijah Zevenbergen on top of the Stock Car podium sold for $6,000. The other 29 drivers in that division receive an additional $206.90.Northern SportMod champion Doug Smith’s engine sold for $4,100. Each of the other 29 starters in that event gets $141.38.And Hobby Stock champion Andrew Burg’s engine sold for $1,600, so the other 29 starters in that race receive an additional $55.17.All four Saturday champions received new engines from Karl Chevrolet and Karl Performance. J.J. Wise acknowledges a bid during the auction of the Saturday champions’ engines at the IMCA Speedway Motors Super Nationals fueled by Casey’s. (Photo by Tom Macht, www.photofinishphotos.com)last_img read more

Men’s golf advances to 11th straight NCAA Championships

first_imgThe No. 2 ranked men’s golf team clinched its 11th consecutive trip to the NCAA Championships last Wednesday, finishing first in the Regional Championship in Sammamish, Wash.The Trojans topped a field of 14 teams, including some within the top 25, such as Kent State, Texas A&M and Florida State, and Pac-12 rival Washington who hosted the regional championship. USC finished the three-day competition at a combined 3-under 849, edging second-place Kent State by six strokes.Head coach Chris Zambri and his squad started strong out of the gate, ending the first day of play in second place (-4). Junior Sean Crocker highlighted Monday’s action, shooting a career-best 7-under to lead the Trojans. Sophomore Justin Suh also posted a strong score of 3-under, to position his team just two strokes back of FSU heading into Tuesday.USC then leapfrogged the Seminoles on day two. Suh paced the Trojans with another 3-under 71 round, while senior Rico Hoey carded his second straight 70. Junior Jonah Texeira opened his round with five consecutive birdies and moved to 5-under with another at the 10th hole. But Texeira labored to the finish line, shooting 6-over across the remaining eight holes. His 1-over round was his best of the week, helping the Trojans build a three-stroke lead over Florida State before the final day of the Regional Championship.Hoey stayed in his groove on Wednesday, with yet another 1-under day, while Sean Crocker shot an even 71. The two strong performances cushioned Suh’s sole over-par round in Sammamish, as the sophomore carded a 73 to wrap up his week. The trio of Hoey, Suh and Crocker all finished in the overall individual top-five: Crocker and Suh were tied for second at 4-under, and Hoey, just one stroke behind the duo, tied for fifth. Freshman Cheng Jin finished tied for 39th at 10-over 223, and Texeira tied for 47th at 14-over.“This week is always somewhat stressful,” said Zambri, who has led the Trojans beyond the regional every year since taking the reins of his alma mater in 2007. “We’re very happy it turned out how it did. Now we need to get ourselves ready for a big week in Chicago.”The Regional Championship marked USC’s fifth win of the season — the team’s highest total since 2008. The program’s run of eleven straight NCAA Championship berths are tied for the national lead with Texas, who also secured a spot in Sugar Grove, Ill. last week with a second-place finish in their home-course regional in Austin.The Trojans now begin the pursuit of their first-ever national championship in earnest. After coming agonizingly close with a second-place finish in 2015, and a semifinal exit last season, USC will look to put all the pieces together in 2017. The NCAA Championships begin on Friday at Rich Harvest Farms with stroke play. The Trojans hope to find themselves playing well into next week, as match play begins between the top eight teams on Tuesday.last_img read more

Brong Ahafo regional Circles chairman calls for restructuring in Kotoko camp

first_imgBrong Ahafo Regional Circles Chairman of Asante Kotoko, Kingsley Abeyie, has urged officials of the club to restructure the club and bring certain internal problems to rest or else risk being relegated for the first time.According to him, the team now plays with no sense of urgency because the players and officials are divided and that has reflected in the style of play.He also alleged the difference in winning bonuses paid to players has led to disharmony in the dressing room.“Some players are being paid more than the others because they are players of some top officials of the club. Some take GHC 400 while others are paid GHC 500 and GHC 600.”“When I saw the Kotoko team in the FA Cup game against Shion, I was just heartbroken. The team is divided. The politics in Kotoko is depressing. I don’t blame the coach for any of our plight, it is the management I will blame.”He alleged that the Kotoko team owes players some bonuses and salaries and that also accounts for the bad play of the team. “The team owes the players some bonuses and that is also contributing to the team’s woes. As players they need motivation to be able to play very well, and that is lacking in the team.”He urged the current administration to call for a stakeholders meeting for supporters to make their problems known in order to revive the sinking fortunes of the team. –Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySportslast_img read more

Giants need an All-Star: ‘Somebody is going to have to go’

first_imgSAN FRANCISCO — An attendance decline at Oracle Park isn’t the only way fans have expressed their disappointment in the Giants’ play this season.After Major League Baseball revealed updated vote totals from the ballots that have been cast, it’s clear Giants players haven’t received much support in the polls this year.Catcher Buster Posey was the only Giants starter to rank among the top 10 vote-getters at his position, but Posey is a distant eighth among catchers behind Cubs backstop Willson …last_img read more

Opioid epidemic hits close to home in Ohio

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Ohio now leads the nation in opioid-related overdose deaths with a record 4,050 drug overdose deaths reported in 2016, a 33% increase from 2015, according to the Ohio Department of Health. And, some 60% of those abusing or dependent on opioids in the state lack access to appropriate treatment, said Mark Partridge, chair of the C. William Swank Program in Rural-Urban Policy at The Ohio State University and professor in the Department of Agricultural, Environmental, and Development Economics.These unsettling statistics have encouraged Ohioans (rural, urban and everywhere in between) to ramp up the battle against the state’s devastating opioid epidemic. An event, “Hope for Ohio: A teen forum on the opioid crisis” will combine the efforts of Ohio State University Extension 4-H Healthy Living Advocates, Ohio Farm Bureau, Ohio FFA, and the Prevention Action Alliance on Saturday, Dec. 2, 2017 at the Nationwide & Ohio Farm Bureau 4-H Center. The event will take place 10 a.m. to 4:45 p.m. and the registration deadline is Nov. 22. The forum is designed to educate and prepare both teens and adults to take action against drug abuse in their communities. Highlights include a presentation from Tyler’s Light, a town hall with Ohio Legislators, and programming from Prevention Action Alliance. The day will conclude with an inspirational sendoff from David Kohout. Registration is online at https://ohio4h.org/events/hope-ohio-teen-forum-opioid-crisis and the cost is $10.According to a report recently released by researchers with the OSU Swank program, medication-assisted treatment is the most clinically effective and cost-efficient method for reducing opioid addiction, abuse and overdose death.“As it now stands, Ohio likely only has the capacity to treat 20 to 40% of the estimated 92,000 to 170,000 Ohioans who are abusing or dependent on opioids,” Partridge said. “Enacting new laws to take down pill mills and lessen access to prescription opioid drugs alone isn’t going to fix the problem. We need a broader-based approach that includes working with physicians and hospitals in underserved areas to encourage providers to obtain the waiver required to prescribe opioid treatments to their patients.“As it now stands, many people in rural areas of Ohio have extremely limited access to medication-assisted treatment, which is a particularly critical issue in the rural areas of southwest Ohio where opioid abuse rates are high, but local access to treatment is limited.”The 2017 analysis, Taking Measure of Ohio’s Opioid Crisis, is 22 pages and available to download free online at go.osu.edu/takingmeasure. The report says medication-assisted treatment has shown to be a clinically effective and cost-efficient approach to treating opioid addiction, with three common medications used in the treatment of opioid addition: methadone, buprenorphine and naltrexone.Yet, Ohio has only 26 certified methadone treatment centers and 377 doctors who are certified to prescribe buprenorphine.“It has been estimated that for every dollar spent on methadone and buprenorphine treatment, $1.80 in social savings would be realized,” said Mike Betz, report co-author and assistant professor in Ohio State’s Department of Human Sciences.Betz said there needs to be a shift in emphasis from stopping pill mills and over-prescribing to treating those already addicted to bring them into the mainstream and assist them in becoming more productive.“We need a two-pronged approach,” Betz said. “Treatment and a leg up economically through investments in the education, skills, physical health and mental health of Ohio citizens.”Opioid drugs, including prescription painkillers and heroin, killed more than 33,000 people nationwide in 2015, more than any year on record, according to the U.S. Centers for Disease Control and Prevention. There were 3,050 overdose deaths in Ohio in 2015, with 58.2% of the deaths blamed on the use of fentanyl and its derivatives, an opioid 50 times stronger than heroin, officials said.The annual cost of opiate abuse, addiction and overdoses to Ohio is estimated to be between $6.6 billion to $8.8 billion, the report said.Report co-author Mark Rembert puts the looming figure in perspective.“Our estimates suggest that the total social and economic costs of the opioid crisis are similar to what the state spends on K-12 education,” said Rembert, report co-author and co-founder of Energize Clinton County, a community economic development non-profit. “The opioid crisis is draining resources that could otherwise be used to support the economic development of the state.”Partridge said both attention and funding from the federal government are crucial in making a dent in the opioid abuse problem because states like Ohio are already too stretched.“A federal-state solution is key,” Partridge said. “The federal government has the resources and best practices necessary to tackle a public health and economic challenge of this magnitude.”Another key finding from the report is that there is a robust and direct correlation between unemployment rates and opiate overdoses and deaths. Individuals living in high-unemployment regions of the state tend to also have high levels of opioid abuse.“There is also a cumulative disadvantage,” said Bo Feng, a co-author of the report and a Swank research associate. “The longer people are unemployed, the more opiate abuse and overdoses occur.”Partridge said improving the labor market in hard-hit communities would help.“Middle- and lower-class families need sufficient incomes and stability,” Partridge said. “While that is a harder policy level to pull, it’s imperative to make any real change.”last_img read more

Are You That Person Who Clicks On Ads?

first_imgAdmit it: you’re that person. You’re the one who spends over 23 hours watching online video every month. You’re the one that is driving the online video market to $37 billion by 2017. You are the 83.3%.Are you the same person who clicks on ads? The same person who is clicking the online advertising market into $100 billion territory in 2013?Come on: is it you?There’s some evidence to suggest that the two go together. Most online video isn’t the BBC soccer news stream that !%!%!% auto-plays whenever I visit a soccer news site (which, I will admit, is every 3.2 seconds – hey, someone needs to keep tabs on just how bad my Arsenal is). As a recent comScore report showcases, it’s entertainment-oriented video on YouTube and Facebook, primarily, that people watch:Credit: comScore, February 2013What about online advertising? According to a 2011 WebTrends report on Facebook advertising, click-through rates (CTRs) are puny for things like healthcare and financial services ads, but for media and entertainment or tabloids? Lots of clicks:Credit: WebtrendsAdmit it: you’re “that guy” who sends around the funny cat videos. You’re the one watching the blurb on LIndsay Lohan being in rehab (again).It’s you!Or maybe it’s your parents, as Facebook ad click-throughs skew to the 50+ crowd. Which is interesting, since the online video generation definitely trends younger. Perhaps those who watch a lot of video aren’t the same people who click on all the ads, but rather a devoted group of clickers?There’s some evidence that this is the case. While comScore finds that 83.3% of all Americans watch online video, Criteo reports that just 20% of online browsers account for 50% of click-throughs:Source: Criteo 2012Nor do such people stop with innocent clicking. Once they click, they buy. A lot. According to Criteo, they’re 3 times more likely to buy than non-clickers. My hunch? It’s the Boomer demographic, which controls 70% of U.S. wealth, that clicks on all those ads. This is a bit frightening, as it may mean that the Internet is being subsidized by a fading group. Presumably, clever advertisers will figure out how to get the young’uns to click and buy, too.Or maybe they’ll just get older and click more.Personally, I don’t think I’ve ever clicked on an online ad (Adblock Plus keeps me from even seeing them anymore, bless its soul), but I’m grateful that someone does, whatever their age. My walk down memory lane, watching old Duran Duran videos? You or perhaps someone older paid for it with their clicks. That Facebook service my friends still frequent? Others pay for that, too. Others’ click-and-buy mentality keeps the Internet running.So, thank you, whoever you are. Please click more.Image courtesy of Shutterstock. Why Tech Companies Need Simpler Terms of Servic… Top Reasons to Go With Managed WordPress Hosting Matt Asay A Web Developer’s New Best Friend is the AI Wai…center_img Tags:#click-through rates#online advertising#online video Related Posts 8 Best WordPress Hosting Solutions on the Marketlast_img read more

10 months agoBruce to be named manager of Sheffield Wednesday today

first_imgBruce to be named manager of Sheffield Wednesday todayby Paul Vegas10 months agoSend to a friendShare the loveSteve Bruce is expected to be named manager of Sheffield Wednesday today.The vastly-experienced Bruce has been Wednesday’s top target to succeed Jos Luhukay following the Dutchman’s sacking last month after just under a year in charge at Hillsborough.An agreement has now been reached with the former Aston Villa boss on a contract understood to be worth around £2m a year and he will take charge ahead of the weekend’s FA Cup tie with Luton Town.Wednesday will become the tenth managerial role for ex-Manchester United captain Bruce, who turned 58 on New Year’s Eve. TagsTransfersAbout the authorPaul VegasShare the loveHave your saylast_img read more

US industrial production rose 03 per cent in December

first_imgWASHINGTON — U.S. industrial production increased 0.3 per cent in December, led by the biggest surge in manufacturing in ten months.The Federal Reserve says that that manufacturing output jumped 1.1 per cent last month, the largest gain since February 2018. Automakers drove much of the growth with a 4.7 per cent jump in production.Utility output slumped 6.3 per cent amid an unseasonably warm December. Mining output rose 1.5 per cent on in increased extraction of oil and natural gas.Overall industrial production is up 4 per cent from a year ago.The industrial sector was using more of capacity, in a sign that they might need to invest more in equipment and facilities. Capacity utilization for manufacturers increased 0.7 points to 76.5 per cent, a solid increase though that’s two points below the long-term average.Josh Boak, The Associated Presslast_img read more