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.
Bank of America Corp. is paying $950 million to settle claims that its Countrywide unit pooled faulty mortgages into securities that helped hobble Financial Guaranty Insurance Co. and saddled buyers with losses.
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.
The pace of U.S. home construction rebounded less than forecast in March, held back by declines in warmer parts of the country that indicate the recovery in residential building will be slow to develop.