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	<title>The Subprime Shakeout</title>
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	<link>http://www.subprimeshakeout.com</link>
	<description>A Legal Perspective on Subprime MBS and the Broader Financial Crises</description>
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		<title>Wells Fargo Borrows Heavily from RMBS Greatest Hits to Prevail in First Major Test for CMBS Putbacks</title>
		<link>http://www.subprimeshakeout.com/2026/05/wells-fargo-borrows-heavily-from-rmbs-greatest-hits-to-prevail-in-first-major-test-for-cmbs-putbacks.html</link>
					<comments>http://www.subprimeshakeout.com/2026/05/wells-fargo-borrows-heavily-from-rmbs-greatest-hits-to-prevail-in-first-major-test-for-cmbs-putbacks.html#respond</comments>
		
		<dc:creator><![CDATA[Isaac Gradman]]></dc:creator>
		<pubDate>Wed, 20 May 2026 17:59:29 +0000</pubDate>
				<category><![CDATA[allocation of loss]]></category>
		<category><![CDATA[banks]]></category>
		<category><![CDATA[bondholder actions]]></category>
		<category><![CDATA[bondholders]]></category>
		<category><![CDATA[borrower fraud]]></category>
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		<category><![CDATA[Chetrit]]></category>
		<category><![CDATA[CMBS]]></category>
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		<category><![CDATA[JPMorgan]]></category>
		<category><![CDATA[Judge Dale Ho]]></category>
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		<category><![CDATA[mortgage fraud]]></category>
		<category><![CDATA[motions to dismiss]]></category>
		<category><![CDATA[PIMCO]]></category>
		<category><![CDATA[pooling agreements]]></category>
		<category><![CDATA[private label MBS]]></category>
		<category><![CDATA[putbacks]]></category>
		<category><![CDATA[quinn emanuel]]></category>
		<category><![CDATA[rep and warranty]]></category>
		<category><![CDATA[repurchase]]></category>
		<category><![CDATA[RMBS]]></category>
		<category><![CDATA[securities]]></category>
		<category><![CDATA[securitization]]></category>
		<category><![CDATA[sellers and sponsors]]></category>
		<category><![CDATA[The Subprime Shakeout]]></category>
		<category><![CDATA[Trustees]]></category>
		<category><![CDATA[underwriting practices]]></category>
		<category><![CDATA[Wall St.]]></category>
		<category><![CDATA[Wells Fargo]]></category>
		<category><![CDATA[motion to dismiss]]></category>
		<category><![CDATA[putback litigation]]></category>
		<guid isPermaLink="false">http://www.subprimeshakeout.com/?p=1350</guid>

					<description><![CDATA[Wells Fargo has prevailed over JPMorgan in one of the first major tests for CMBS putback litigation involving the repurchase of an allegedly defective commercial mortgage loan. <a href="http://www.subprimeshakeout.com/2026/05/wells-fargo-borrows-heavily-from-rmbs-greatest-hits-to-prevail-in-first-major-test-for-cmbs-putbacks.html">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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			<slash:comments>0</slash:comments>
		
		
			</item>
		<item>
		<title>Cracks in Commercial Real Estate Market Usher in All-Too-Familiar CMBS Putback Litigation and Risk of Broader Distress</title>
		<link>http://www.subprimeshakeout.com/2026/03/cracks-in-commercial-real-estate-market-usher-in-all-too-familiar-cmbs-putback-litigation-and-risk-of-broader-distress.html</link>
					<comments>http://www.subprimeshakeout.com/2026/03/cracks-in-commercial-real-estate-market-usher-in-all-too-familiar-cmbs-putback-litigation-and-risk-of-broader-distress.html#comments</comments>
		
		<dc:creator><![CDATA[Isaac Gradman]]></dc:creator>
		<pubDate>Mon, 23 Mar 2026 20:29:27 +0000</pubDate>
				<category><![CDATA[allocation of loss]]></category>
		<category><![CDATA[banks]]></category>
		<category><![CDATA[bondholder actions]]></category>
		<category><![CDATA[bondholders]]></category>
		<category><![CDATA[borrower fraud]]></category>
		<category><![CDATA[broader credit crisis]]></category>
		<category><![CDATA[Certificateholders]]></category>
		<category><![CDATA[Chetrit]]></category>
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		<category><![CDATA[Fannie Mae]]></category>
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		<category><![CDATA[Freddie Mac]]></category>
		<category><![CDATA[interest rates]]></category>
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		<category><![CDATA[mortgage market]]></category>
		<category><![CDATA[pre-investment due diligence]]></category>
		<category><![CDATA[putbacks]]></category>
		<category><![CDATA[re-underwriting]]></category>
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		<category><![CDATA[repurchase]]></category>
		<category><![CDATA[responsibility]]></category>
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		<category><![CDATA[sellers and sponsors]]></category>
		<category><![CDATA[servicers]]></category>
		<category><![CDATA[statutes of limitations]]></category>
		<category><![CDATA[The Subprime Shakeout]]></category>
		<category><![CDATA[underwriting practices]]></category>
		<category><![CDATA[market distress]]></category>
		<category><![CDATA[putback litigation]]></category>
		<guid isPermaLink="false">http://www.subprimeshakeout.com/?p=1317</guid>

					<description><![CDATA[It has been said that history repeats itself. This is perhaps not quite correct; it merely rhymes. &#8211; Theodor Reik, 1965, Curiosities of the Self: Illusions We Have about Ourselves&#160; I am reminded frequently of the above quote when I &#8230; <a href="http://www.subprimeshakeout.com/2026/03/cracks-in-commercial-real-estate-market-usher-in-all-too-familiar-cmbs-putback-litigation-and-risk-of-broader-distress.html">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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			<slash:comments>2</slash:comments>
		
		
			</item>
		<item>
		<title>Who’s Watching the Watchmen?  RMBS Trustees Come Under Fire as Investors Launch Next Wave of Lawsuits</title>
		<link>http://www.subprimeshakeout.com/2014/07/whos-watching-the-watchmen.html</link>
					<comments>http://www.subprimeshakeout.com/2014/07/whos-watching-the-watchmen.html#comments</comments>
		
		<dc:creator><![CDATA[igradman]]></dc:creator>
		<pubDate>Thu, 03 Jul 2014 12:45:28 +0000</pubDate>
				<category><![CDATA[ACE]]></category>
		<category><![CDATA[Alt-A]]></category>
		<category><![CDATA[appeals]]></category>
		<category><![CDATA[Bank of New York]]></category>
		<category><![CDATA[Bank of New York Mellon]]></category>
		<category><![CDATA[banks]]></category>
		<category><![CDATA[Bernstein Litowitz]]></category>
		<category><![CDATA[BlackRock]]></category>
		<category><![CDATA[BofA]]></category>
		<category><![CDATA[bondholders]]></category>
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		<category><![CDATA[Citigroup]]></category>
		<category><![CDATA[Commerce Bank]]></category>
		<category><![CDATA[Countrywide]]></category>
		<category><![CDATA[Credit Unions]]></category>
		<category><![CDATA[DB Structured Products]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[Doubleline Capital]]></category>
		<category><![CDATA[Federal Home Loan Banks]]></category>
		<category><![CDATA[fiduciary duties]]></category>
		<category><![CDATA[global settlement]]></category>
		<category><![CDATA[HSBC]]></category>
		<category><![CDATA[Institutional Investors]]></category>
		<category><![CDATA[investors]]></category>
		<category><![CDATA[JPMorgan]]></category>
		<category><![CDATA[Justice Kornreich]]></category>
		<category><![CDATA[Kathy Patrick]]></category>
		<category><![CDATA[lawsuits]]></category>
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		<category><![CDATA[Paul Clement]]></category>
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		<category><![CDATA[pooling agreements]]></category>
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		<category><![CDATA[Trustees]]></category>
		<category><![CDATA[US Bank]]></category>
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		<category><![CDATA[Wells Fargo]]></category>
		<guid isPermaLink="false">http://www.subprimeshakeout.com/?p=1276</guid>

					<description><![CDATA[“When one door closes, another door opens; but we so often look so long and regretfully upon the closed door, that we do not see the ones which open for us.” ― Alexander Graham Bell The face of RMBS litigation &#8230; <a href="http://www.subprimeshakeout.com/2014/07/whos-watching-the-watchmen.html">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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			<slash:comments>7</slash:comments>
		
		
			</item>
		<item>
		<title>Motion to Exclude Frey Testimony from Article 77 Raises Eyebrows, Questions About Role of BlackRock and PIMCO</title>
		<link>http://www.subprimeshakeout.com/2013/09/motion-to-exclude-frey-testimony-raises-eyebrows.html</link>
					<comments>http://www.subprimeshakeout.com/2013/09/motion-to-exclude-frey-testimony-raises-eyebrows.html#respond</comments>
		
		<dc:creator><![CDATA[igradman]]></dc:creator>
		<pubDate>Tue, 24 Sep 2013 12:30:12 +0000</pubDate>
				<category><![CDATA[AIG]]></category>
		<category><![CDATA[allocation of loss]]></category>
		<category><![CDATA[appeals]]></category>
		<category><![CDATA[Bank of New York]]></category>
		<category><![CDATA[banks]]></category>
		<category><![CDATA[bench trials]]></category>
		<category><![CDATA[BlackRock]]></category>
		<category><![CDATA[BofA]]></category>
		<category><![CDATA[bondholder actions]]></category>
		<category><![CDATA[conflicts of interest]]></category>
		<category><![CDATA[contract rights]]></category>
		<category><![CDATA[Countrywide]]></category>
		<category><![CDATA[demand letter]]></category>
		<category><![CDATA[Event of Default]]></category>
		<category><![CDATA[Fannie Mae]]></category>
		<category><![CDATA[FHFA]]></category>
		<category><![CDATA[fiduciary duties]]></category>
		<category><![CDATA[global settlement]]></category>
		<category><![CDATA[incentives]]></category>
		<category><![CDATA[Investor Syndicate]]></category>
		<category><![CDATA[investors]]></category>
		<category><![CDATA[Judge Barbara Kapnick]]></category>
		<category><![CDATA[Judge William Pauley]]></category>
		<category><![CDATA[Judicial Opinions]]></category>
		<category><![CDATA[Kathy Patrick]]></category>
		<category><![CDATA[lawsuits]]></category>
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		<category><![CDATA[litigation]]></category>
		<category><![CDATA[MBS]]></category>
		<category><![CDATA[negligence and recklessness]]></category>
		<category><![CDATA[PIMCO]]></category>
		<category><![CDATA[private label MBS]]></category>
		<category><![CDATA[putbacks]]></category>
		<category><![CDATA[remand]]></category>
		<category><![CDATA[rep and warranty]]></category>
		<category><![CDATA[repurchase]]></category>
		<category><![CDATA[responsibility]]></category>
		<category><![CDATA[RMBS]]></category>
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		<category><![CDATA[Trustees]]></category>
		<category><![CDATA[William Frey]]></category>
		<guid isPermaLink="false">http://www.subprimeshakeout.com/?p=1261</guid>

					<description><![CDATA[The backyard brawl between the AIG-led objecting investors on one hand and Bank of New York Mellon (BNYM) and the investors supporting BofA&#8217;s $8.5 billion settlement on the other is about to get even messier.  As I last wrote on &#8230; <a href="http://www.subprimeshakeout.com/2013/09/motion-to-exclude-frey-testimony-raises-eyebrows.html">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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			<slash:comments>0</slash:comments>
		
		
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		<item>
		<title>Objectors&#8217; Siren Song Enchants During Article 77 Proceeding</title>
		<link>http://www.subprimeshakeout.com/2013/07/objectors-siren-song-enchants-during-article-77-proceeding.html</link>
					<comments>http://www.subprimeshakeout.com/2013/07/objectors-siren-song-enchants-during-article-77-proceeding.html#comments</comments>
		
		<dc:creator><![CDATA[igradman]]></dc:creator>
		<pubDate>Mon, 29 Jul 2013 12:30:13 +0000</pubDate>
				<category><![CDATA[AIG]]></category>
		<category><![CDATA[Bank of New York]]></category>
		<category><![CDATA[bench trials]]></category>
		<category><![CDATA[BofA]]></category>
		<category><![CDATA[bondholder actions]]></category>
		<category><![CDATA[conflicts of interest]]></category>
		<category><![CDATA[contract rights]]></category>
		<category><![CDATA[Countrywide]]></category>
		<category><![CDATA[damages]]></category>
		<category><![CDATA[discovery]]></category>
		<category><![CDATA[Federal Home Loan Banks]]></category>
		<category><![CDATA[fiduciary duties]]></category>
		<category><![CDATA[global settlement]]></category>
		<category><![CDATA[incentives]]></category>
		<category><![CDATA[investors]]></category>
		<category><![CDATA[Judge Barbara Kapnick]]></category>
		<category><![CDATA[Kathy Patrick]]></category>
		<category><![CDATA[lawsuits]]></category>
		<category><![CDATA[liabilities]]></category>
		<category><![CDATA[litigation]]></category>
		<category><![CDATA[loan files]]></category>
		<category><![CDATA[MBS]]></category>
		<category><![CDATA[pooling agreements]]></category>
		<category><![CDATA[private label MBS]]></category>
		<category><![CDATA[putbacks]]></category>
		<category><![CDATA[re-underwriting]]></category>
		<category><![CDATA[rep and warranty]]></category>
		<category><![CDATA[RMBS]]></category>
		<category><![CDATA[securities]]></category>
		<category><![CDATA[settlements]]></category>
		<category><![CDATA[successor liability]]></category>
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		<category><![CDATA[waiver of rights to sue]]></category>
		<guid isPermaLink="false">http://www.subprimeshakeout.com/?p=1254</guid>

					<description><![CDATA[We are 20 days into the monumental bench trial over Bank of America’s proposed $8.5 billion settlement of Countrywide MBS claims, and with the proceedings now taking a break until September 9, we have a chance to sit back and &#8230; <a href="http://www.subprimeshakeout.com/2013/07/objectors-siren-song-enchants-during-article-77-proceeding.html">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
		
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			<slash:comments>3</slash:comments>
		
		
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