Aiken v. United States Of America, No. 1:2016cv04894 - Document 6 (S.D.N.Y. 2019)
Court Description: OPINION & ORDER re: 1 MOTION to Vacate, Set Aside or Correct Sentence (28 U.S.C. 2255). For the reasons above, Aiken's motion to vacate, set aside, or correct his sentence is DENIED. The Court further declines to issue a certificate of app ealability, as petitioner has not made a substantial showing of a denial of a federal right. See Matthews v. United States, 682 F.3d 180, 185 (2d Cir. 2012). The Clerk of Court is directed to terminate the motion atECF No. 30 in 06-cr-479 and to close 16-cv-4894. SO ORDERED. (Signed by Judge John F. Keenan on 5/9/2019) (anc)
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Aiken v. United States Of America Doc. 6 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK -----------------------------------------------------------x In re FANNIE MAE 2008 SECURITIES : LITIGATION : : : -----------------------------------------------------------x USDC SDNY DOCUMENT ELECTRONICALLY FILED DOC #: _________________ DATE FILED: 05/09/2019 08 Civ. 7831 (PAC) 09 MD 2013 (PAC) OPINION & ORDER HONORABLE PAUL A. CROTTY, United States District Judge: 1 The early years of this decade saw a boom in home financing which was fueled, among other things, by low interest rates and lax credit conditions. New lending instruments, such as subprime mortgages (high credit risk loans) and Alt-A mortgages (low-documentation loans) kept the boom going. Borrowers played a role too; they took on unmanageable risks on the assumption that the market would continue to rise and that refinancing options would always be available in the future. Lending discipline was lacking in the system. Mortgage originators did not hold these high-risk mortgage loans. Rather than carry the rising risk on their books, the originators sold their loans into the secondary mortgage market, often as securitized packages known as mortgage-backed securities (“MBSs”). MBS markets grew almost exponentially. But then the housing bubble burst. In 2006, the demand for housing dropped abruptly and home prices began to fall. In light of the changing housing market, banks modified their lending practices and became unwilling to refinance home mortgages without refinancing. 1 Unless otherwise indicated, all references cited as “(¶ _)” or to the “Complaint” are to the Amended Complaint, dated June 22, 2009. For purposes of this Motion, all allegations in the Amended Complaint are taken as true. 1 Dockets.Justia.com
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