St Louis Home Loan: Investors Still Recouping Mortgage Losses

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St Louis Finance and Loan Audit News: Investors Trying To Recoup Mortgage Losses
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Nearly 200 investors attended a meeting in New York on what was being called "Robosigners and Other Servicing Failures," said David Grais, a New York securities lawyer.

He was sponsoring the conference and currently represents two Federal Home Loan Banks that have filed lawsuits over mortgage-backed securities they own according to the St Louis home loans professionals.

It's one of several indications that investors are using the latest mortgage fiasco to recoup losses.

Some of those investors also are sizing up potential strategies for trying to recoup mortgage losses and trying to shield themselves from the cost of any settlement between mortgage-servicing companies and state attorneys general, who are investigating mortgage-servicing practices.  

"Investors' frustration has reached a boil in response to monthly loan losses, unexplainable bond write-downs, stonewalling access to loan files, inequitable treatment of first- and second-lien mortgage loans and ineffective loan modifications," said Jonathan Lieberman, a managing director with Angelo, Gordon & Coompany, which invests in mortgage-backed securities.

The most public display of bondholder unrest came in November when a group of large investors objected to the handling of 115 bond deals issued by affiliates of Countrywide Financial Corporation, now part of Bank of America Corporation.

The investor group includes government-owned mortgage companies Freddie Mac and Fannie Mae, the Federal Reserve Bank of New York, BlackRock Inc. and Allianz SE's Pacific Investment Management Co.

Potential losses to banks from the repurchase of troubled loans could reach anywhere from $55 billion to $120 billion, according to bond analysts at J.P. Morgan Chase & Company.

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