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Greenwich Financial Services Law Suit Video

Greenwich Financial Services

Greenwich Financial Services | Hedge Fund Notes

Below is a short video on Greenwich Financial Services and a lawsuit they have filed against Countrywide which was recently purchased by Bank of America. If you are viewing this article via our daily hedge fund newsletter please click here to view this video now, otherwise please see below.

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Giovanni DiSalvo-Greenler said...

Good for you Mr. Fret and after reading the Pooling and Servicing Agreement, from all of us on the sidelines Please, Please, Please don’t back down.

Anonymous said...

Thank you to Mr. Frey for pointing out to Barney Frank's Committee and others that (i) the federal government simply can not, and should not, disregard contractual obligations because the contracts are not convenient to the government's policy desires; and, MOST IMPORTANTLY, that (ii) the investors in MBS's, from whom the U.S Government may be essentially stealing investment returns are, in fact, average individuals who invest in MBS's through a huge number of mutual funds, pension funds, etc.

Absent unanimous investor waiver of PSA provisions, the current 90% LTV refinancings, with interest rates as low as 3% and, also, principal forebearance, are not legal.

As an individual mutual fund investor, I write this comment both out of the egregious nature of the above-described governmental action, and also, because I believe that the federal and state governments (and the public) must accept that the greatest price bubble in modern U.S. housing history (by all measures) must be allowed to burst.

As the liberal Yale economist, Robert Shiller, pointed out in the 2005 edition of "Irrational Exuberance", society actually becomes wealthier as housing prices return toward rational levels since, hopefully, normal people can once again afford homes. He also notes that the losses being suffered by homeowners are not true economic losses; but, rather, are losses of fictional "bubble" wealth.
Thank you.

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