Court Dismisses BNY Mellon’s $600 Million RMBS Suit Against JPMorgan Chase Print This Post Home / Daily Dose / Court Dismisses BNY Mellon’s $600 Million RMBS Suit Against JPMorgan Chase The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago BNY Mellon JPMorgan Chase Lawuits Residential Mortgage-backed securities 2015-09-23 Brian Honea Share Save 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. Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Brian Honea Tagged with: BNY Mellon JPMorgan Chase Lawuits Residential Mortgage-backed securities in Daily Dose, Featured, News A New York Supreme Court Judge dismissed a suit filed by Bank of New York Mellon against JPMorgan Chase and a unit of General Electric Capital over $1.275 billion worth of toxic residential mortgage-backed securities, according to media reports.Judge Shirley Werner Kornreich ruled that the case was time-barred, citing a ruling by the New York Court of Appeals earlier this year in the case of ACE Securities Corp. v. DB Structured Products. In that ruling, the highest court in New York sated that the clock began ticking for the six-year statute of limitations when the contract was signed rather than when problems with the securities were discovered.In filing the suit in December 2013, BNY Mellon accused JPMorgan of misrepresenting the quality of loans packaged in an RMBS trust for which BNY acted as securities administrator. BNY also claimed that JPMorgan refused to repurchase the debt (which was originated by WMC Mortgage, a now-defunct subsidiary of GE Capital) even though it was contractually obligated to do so. BNY Mellon alleged in its complaint that it notified the defendants that more than 1,500 underlying mortgage loans contained one or more breaches from either WMC’s or JPMorgan’s representations of the quality of the loans and that neither party would repurchase the soured debt. BNY Mellon was seeking $600 million in damages in the lawsuit against JPMorgan Chase.BNY Mellon contended that the clock for the six-year statute of limitations began ticking when it made the repurchase demand. JPMorgan countered that the statute of limitations began running on the date the transaction closed, which was June 28, 2006—more than seven years before BNY Mellon filed the lawsuit.Representatives from both BNY Mellon and JPMorgan Chase declined to comment on the case.In a different case involving the same parties over similar claims in November 2013, Kornreich in BNY Mellon’s favor, allowing the bank to pursue claims that WMC and JPMorgan Chase misrepresented the quality of $1.9 billion worth of mortgage-backed securities. The judge’s ruling applied only to loans that didn’t meet underwriting standards, however. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: City of Oakland Lawsuit Accuses Wells Fargo of Reverse Redlining Next: Lenders Offering More Second Chances With Increased Number of Subprime Loans September 23, 2015 1,421 Views Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago
The Campaign to Protect Rural England has been granted a hearing to review the decision by Oxford City Council to allow Oxford University to build student accommodation near a Port Meadow beauty spot.The hearing, set to take place on 23 October, may lead to a judicial review into the council’s decision to allow the Castle Mill development to be built.This is due to the CPRE’s argument that the council failed to carry out an environmental impact assessment. The development, five-storey blocks that provide 439 accommodation units, is situated by the River Thames, near a Site of Special Scientific Interest and a Scheduled Ancient Monument.Helen Marshall, director of CPRE Oxfordshire, said, “We are not yet convinced that the planning condition on contamination has been met.“The mitigation proposals currently suggested by the university are woefully inadequate to counteract the devastating impact of the buildings on Port Meadow and Oxford’s historic skyline.”She added, “A few trees growing to approximately half the height of the buildings in 15 years’ time will not meet the brief of ‘hiding the buildings in summer and softening their impact in winter.’”Oxford City Council have said that the CPRE’s challenge is late, however, due to the fact that the flats have already been built. It believes the group’s claims are unfounded.Despite this, both the council and Oxford University have been under fire from campaign groups such as the CPRE since the start of its development, with an on-line petition against it attracting over 3,000 signatures.However, a University spokesman has said that, “The University will be making representations at the interim hearing in October on the procedural issues raised by the challenge.“In the meantime, we intend to finish and occupy the buildings by the start of the next academic year in October as planned.”
After narrowly missing qualification for the 2015 FIFA Under-17 World Cup, Jamaica commenced early preparation for the 2017 edition with a training camp at the Jamaica Football Federation (JFF) Centre at the University of the West Indies, Mona. The camp continued yesterday, with the JFF naming 32 players for the second camp that will end on Thursday. “Well, we are basically in selection process. We started with 32 players last week and are now looking at 32 other players whom are currently in camp,” Under-17 head coach Andrew Edwards told The Gleaner after the early-morning session yesterday. “We want to rank the players in order to properly evaluate each player and have an idea of the best 20 players,” Edwards added. He said the players in camp, both local and overseas based, have responded well to the session so far. “We intend to improve the players by giving them bits of information,” he explained. PRELIMINARY STAGE The JFF is yet to be officially informed of when the Caribbean Football Union qualifiers will start, but Edwards said, “The preliminary stage usually starts in the summer, so we are looking at a 15-month period to qualify for the next Under-17 World Cup”. Jamaica will seek a third berth at the Under-17 World Cup football tournament after qualifying in 1999 and 2011. The nation missed the last staging after being eliminated on penalty kicks by the United States of America at the CONCACAF stage. The players in camp are: Kajeev White (Vauxhall High), Nickashe Murray (Wolmer’s Boys), Demale Sinclair (Jamaica College), Lloyd Reynolds (Holy Trinity High), Jeremy Verley (St George’s College), Romario McPherson (Bridgeport High), Shaquille Smith (Jonathan Grant High), Tyrone Small (Jonathan Grant), Akeem Davis (Munro College), Deandre Smalling (Munro), Tavin Small (Munro), Daniel Russell (Holmwood Technical), Marlando Maxwell (Manchester High), Dwayne Leven (Ptersfield High), Ricardo McIntosh (Clarendon College), Nickque Daley (Clarendon College), Calwayne Allen (St James High), Garnet Hudson (Cornwall College), Richard Thompson (Herbert Morrison High), Damani Osei (Cosby High, USA), Blake White (Home Schooled), Thriston Briscoe (North Babylon, USA), Chad Letts (YSC Academy), Rasheed Martin (Queens Gateway, USA), Jeadine White (St Andrew Technical High), Khalil Dabdoub (Hillel Academy), Jordan Peterkin (Kingston College), Renato Campbell (KC), Jabari Howell (Holy Trinity High), and Cleon Haynes (Wolmer’s Boys).
LAS VEGAS — Justin Braun and Marc-Edouard Vlasic will both miss the Sharks bout for second place in the Pacific Division Thursday night.The clash with the Vegas Golden Knights (27-15-4), who lead the Sharks (25-13-7) by a single point in the Pacific Division, will be the fourth straight game that the team will play without its top-shutdown pairing. Both players are considered day-to-day. Braun is out with a right-knee injury while Vlasic is hampered by what appears to be a wrist injury.Despite …
The Australian Men’s Open squad took to the field at Allianz Stadium on Saturday night, showing off their skills before the Sydney Roosters and Wigan Warriors World Club Challenge match. Former NRL stars Dean Widders and Joe Galuvao and a couple of NRL Development staff joined the Australian Men’s Open squad who played a 25 minute intra-squad match. Young New South Wales referees Billy Greatbatch, Luke Heckendorf and Luke Saldern officiated the match. Galuvao was impressed with the skills of the squad and enjoyed the opportunity to take part in the match. “It was heaps of fun and the guys are awesome, very generous, if I was one of their teammates I would have been giving me a massive dressing down.”“They are unreal, they are the best at what they do, to be there and see it and play them, I was very impressed.”To check out some highlights from the game, please visit the TFA YouTube channel – www.youtube.com/touchfootballaus. To view some photos of the game, please visit the TFA Facebook and Instagram pages:www.facebook.com/touchfootballaustraliawww.instagram.com/touchfootballaustralia Related LinksWorld Club Challenge
About the authorPaul VegasShare the loveHave your say El Hadji Diouf explains his constant criticism of Liverpoolby Paul Vegasa month agoSend to a friendShare the loveEl Hadji Diouf stands by his criticism of former club Liverpool.The 38-year-old keeps in touch with fellow Senegalese Sadio Mane, who has netted four times already this campaign.Diouf said: “I’ve never hidden the fact that Liverpool didn’t treat me right and that they cherished some players better than me, even though I’d arrived with a better profile.“Sometimes, reporters will never get what goes on in the club and in the dressing room.“Don’t get me wrong: the club is run very well now, based on what I hear from Sadio Mane, but I feel I was seen as an outsider back then.“The upsetting thing is that Real Madrid and Barcelona had offered me more money, but I really wanted to go to Liverpool – and it ended up being one of my worst experiences.”
avery johnson alabamaFormer NBA point guard and head coach Avery Johnson was recently hired to take over the reins of the Alabama basketball program, which has reached just one NCAA Tournament in the past nine seasons. Johnson has a tall task ahead of him, but he has lofty goals for his new squad, saying during his introductory press conference his program will try and live up to the standard set by Duke, the 2014-15 national champions. “Duke University, that’s the standard for us here at the University of Alabama and our basketball program,” Johnson said. “The way they play defense and offense. The way they move the ball, that’s the standard. Nobody else is the standard. That’s the standard. Duke University. That’s why I’m here.”If imitation is the most sincere form of flattery, it also makes for good publicity in this case. Judging by its Instagram post this morning, the Duke program is using Johnson’s quote to its marketing advantage.An obvious, but savvy move by Duke. We’re sure Johnson isn’t the only coach looking to get his program on the level of the Blue Devils but it’s easier said than done.
Story Highlights Opening the 2018/19 Budget Debate in the House of Representatives on March 8, Mr. Shaw said the seven projects will consist of investment and reform initiatives intended to accelerate Jamaica’s economic growth and job creation agenda. Minister of Finance and the Public Service, Hon. Audley Shaw, has announced seven upcoming projects that will result in the creation of hundreds of jobs for Jamaicans during the fiscal year 2018/2019.They are Jiuquan Iron and Steel (JISCO), North-South Highway Development Projects, South Coast Highway Improvement Project, Montego Bay Perimeter Road Project, Naggo Head Technology Park, Morant Bay Town Revitalisation, and Public Bodies Investment Programme.Opening the 2018/19 Budget Debate in the House of Representatives on March 8, Mr. Shaw said the seven projects will consist of investment and reform initiatives intended to accelerate Jamaica’s economic growth and job creation agenda.“JISCO has already resumed production at the Alpart alumina plant following an eight-year shutdown. JISCO plans further investment that could amount to as much as US$6 billion, the largest investment made by a single private-sector company in Jamaican history. These investments include substantial linkages with the agricultural sector. The investment programme also includes construction of a new 230MW power plant using liquefied natural gas (LNG). Currently, 960 persons are employed at the JISCO/Alpart plant,” Mr. Shaw said.He also spoke about the projected benefits from the North-South Highway Development Projects.“The North-South Highway Development Projects are expected to exceed US$2 billion. These are commercial investments by China Harbour Engineering Company Limited (CHEC). It is important to note that no Government of Jamaica counterpart resources are required for these investments. This is a model that must be replicated,” he said.Regarding the South Coast Highway Improvement Project, Mr. Shaw told the House that the venture is expected to represent an investment of approximately US$385 million.“The project will upgrade the highway from Harbour View to Port Antonio, repair access roads in St. Thomas and construct the next leg of the East West toll road to Manchester. The completed roadworks are expected to boost our productivity and create new investment opportunities,” Mr. Shaw said.The Montego Bay Perimeter Road Project will include the construction of a US$220-million perimeter road to relieve the extreme congestion in the heart of Jamaica’s second city.The Naggo Head Technology Park will consist of a state-of-the-art business process outsourcing (BPO) complex, which will be the first major BPO Technology Park in the Caribbean with special economic zone status comprising over 800,000 square feet.For the Morant Bay town revitalisation project, the Factories Corporation of Jamaica has been mandated to establish the Morant Bay Urban Centre at the site of the former Goodyear Tyre Factory.The Morant Bay Urban Centre will be a 500,000-sq.ft. integrated business centre, housing both public- and private-sector entities.“In relation to the public bodies investment programme, total capital expenditure is projected at $68.4 billion, with three public bodies accounting for almost 80 per cent of the planned expenditure. This is focused on meeting the people’s test by providing increased access to housing, water, investment and job opportunities,” the Minister explained. Minister of Finance and the Public Service, Hon. Audley Shaw, has announced seven upcoming projects that will result in the creation of hundreds of jobs for Jamaicans during the fiscal year 2018/2019. “The North-South Highway Development Projects are expected to exceed US$2 billion. These are commercial investments by China Harbour Engineering Company Limited (CHEC). It is important to note that no Government of Jamaica counterpart resources are required for these investments. This is a model that must be replicated,” he said.
zoom Cosco Shipping Specialised Carriers has exercised an option to order a third 62,000 dwt pulp carrier from China’s Cosco Dalian Shipyard.In late August 2017, the company ordered two pulp carriers at the Chinese yard, with an option for one more. The previous two vessels were ordered at a price od CNY 222 million (USD 33.6 million) a piece, the shipping firm informed in a stock exchange release.The first carrier from the batch is scheduled to be handed over to the company in January 2019, while the other two ships would be delivered later that year. The units will feature a length of 201.8 meters, a width of 32.2 meters, and will be able to reach a speed of 13.5 knots.The order was made on the back of a contract of affreightment (COA) signed with Brazil’s pulp and paper company Suzano Papel e Celulose in March 2017.Under the five-year contract, Cosco Shipping Specialised Carriers would deploy the new ships to carry Brazilian cargo to the Far East.A total of 300,000 tonnes of paper pulp are expected to be transpored on an annual basis, starting from the first quarter of 2019.World Maritime News Staff