New clip from Rosner - not posted before.
Video - Jan. 10 (Bloomberg) -- Joshua Rosner, an analyst at Graham Fisher & Co., talks about the implications of a court ruling against U.S. Bancorp and Wells Fargo & Co. in a Massachusetts foreclosure case.
The state Supreme Judicial Court upheld a judge's decision saying two foreclosures were invalid because the banks didn't prove they owned the mortgages, which he said were transferred into two mortgage-backed trusts without the recipients' being named.
Here's a related Bloomberg story from earlier this Summer involving Rosner...
Fannie subpoenas to show $30 billion in bad mortgages
Fannie Mae and Freddie Mac’s regulator may identify as much as $30 billion of debt included in mortgage bonds that the companies can force sellers to repurchase, according to Joshua Rosner, an analyst who in 2007 predicted the collapse in the market for the securities.
The Federal Housing Finance Agency this month said it issued 64 subpoenas seeking loan files and other documents related to so-called non-agency mortgage securities bought by the two government-supported companies. The U.S. is trying to determine whether misrepresentations might require issuers to repurchase debt, producing funds from firms that may include Wall Street’s largest banks to help repay taxpayer money.
Rosner’s estimate of the amount of bad loans the FHFA might find doesn’t equal how much Fannie Mae and Freddie Mac may recover because banks can argue some misstatements weren’t “material,” the New York-based analyst at independent research firm Graham Fisher & Co. said in a telephone interview. At the same time, the move bolsters other investors’ efforts, he said.
“The most important thing is probably that the subpoenaed documents will support other private actions and other government-agency actions,” said Rosner, co-author of a May 2007 paper that said the failure of mortgage bonds would roil housing and financial markets. “It will cause a lot of unhappiness on Wall Street.”
Corinne Russell, an FHFA spokeswoman, declined to comment.
From last week...
Josh Rosner On Massachusetts Foreclosure Ruling: "Opens The Floodgates To More Lawsuits And Strengthens Cases In Other States" - Includes Amicus Brief
Recently from Josh Rosner...