Leonard M. Rosen, a founder of the Wachtell, Lipton, Rosen & Katz law firm who helped avert a New York City bankruptcy in 1975 and created a restructuring practice that would guide the U.S. through the 2008 mortgage crisis, has died. He was 83.
Brian T. Moynihan, who has compared cleaning up Bank of America Corp.’s mortgage mess to lugging a backpack up a mountain, today posted his fourth quarterly loss since he became chief executive officer.
As the rest of the housing industry recovers, a little-known firm with a key role in U.S. mortgage finance remains stuck in limbo, wrestling with regulators, lawsuits and the departures of senior employees.
Consumer activist Ralph Nader and a free-market group whose funders include billionaires Charles and David Koch are part of a growing crowd urging the Senate to preserve value for investors in Fannie Mae and Freddie Mac.