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On August 28th, European Central Bank (ECB) Governing Council member Kazzaks stated that the ECB cannot allow consumer prices to continue rising. He said, "We cannot allow inflation to become entrenched. One way to curb the spread of inflation is to raise interest rates. Weve already done that once." The market expects the ECB to raise interest rates at its September meeting. The ECB raised rates in June but held them steady in July. New economic forecasts will be released at that time, providing a basis for interest rate decisions, while the ongoing Middle East wars are prompting the ECB to reconsider raising rates. "Well see what happens next month," Kazzaks said, "but for now, I think the possibility of a rate hike is quite high."On August 28, the Political Bureau of the CPC Central Committee held a meeting to study and deploy emergency rescue and relief work for the mudslide disaster in Gyirong County, Shigatse City, Tibet. Xi Jinping, General Secretary of the CPC Central Committee, presided over the meeting.On August 28th, Henan Jingrun Wanxiang Real Estate Development Co., Ltd. won the bid for Zhengzheng Gaochu [2026] No. 14 (online) for 1.119 billion yuan. The plot is located north of Fengyang Street and west of Xuesong Road in Zhengzhou High-tech Zone, surrounded by Zhengzhou University and Zhengzhou Foreign Language School. The land use right area is 53,799.20 square meters (approximately 80.7 acres), designated for urban residential use, with a starting price of 691 million yuan. Based on this, the transaction price represents a premium of 61.97%. The winning bidder, Henan Jingrun Wanxiang Real Estate Development Co., Ltd., is a subsidiary of China Resources Land Holdings Co., Ltd.British Chancellor of the Exchequer Healy: The top priority is to uphold fiscal discipline, which is the cornerstone of economic stability.The China Earthquake Networks Center officially reported that a 5.1-magnitude earthquake occurred in Longchang City, Neijiang City, Sichuan Province at 13:13 on August 28, with a focal depth of 13 kilometers.

Wells Fargo basically wins two cases over mortgage losses

Charlie Brooks

Jul 13, 2022 10:51

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Wells Fargo & Co (NYSE:WFC) won the dismissal of one lawsuit and a portion of another claiming the fourth-largest bank neglected to monitor toxic mortgage-backed securities, which were a primary cause of the 2008 global financial crisis.


In a 68-page order, U.S. District Judge Katherine Polk Failla of the Southern District of New York rejected a complaint filed by investors led by Ireland's Phoenix Light SF Ltd, noting that the legal problems addressed had previously been handled in past action.


The judge also found that Commerzbank AG (OTC:CRZBY) was prevented from pursuing certain claims against Wells Fargo in San Francisco because the German lender lacked standing or filed too late.


Commerzbank (ETR:CBKG) was given permission to sue Wells Fargo after revealing that servicers for 17 trusts had liquidated 3,377 loans using defective documentation rather than letting sellers acquire them. Other claims were also retained.


Plaintiffs' counsel did not immediately react to queries for comment. Wells Fargo did not react immediately to comparable questions.


The lawsuits claimed hundreds of millions of dollars in damages in connection with Wells Fargo's function as loan trustee.


They are part of a series of cases brought over the preceding decade and a half to hold lenders and trustees liable for the collapsing value of once-safe residential mortgage-backed securities.


Trustees were commonly sued for failing to push sellers to buy back troubled loans, failing to alert investors of defaults, and failing to exercise reasonable standards of care.


Wells Fargo previously paid two investor class actions and a National Credit Union Administration lawsuit over illegal mortgages.


It agreed to pay a $2.09 billion civil judgment in August 2018 to settle US Department of Justice claims that it knowingly produced and promoted residential mortgage loans that misrepresented income and were of lesser quality than it had indicated.


Phoenix Light SF Ltd et al v Wells Fargo Bank NA, U.S. District Court, Southern District of New York, No. 14-10102; and Commerzbank AG v Wells Fargo Bank NA, U.S. District Court, Southern District of New York, No. 15-10033.


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