Where Servicer and Originator Were the Same, Originator’s Failure to Cure Defective Loans Constituted Servicer Failure to Perform Event of Default
ABS Update / Claims Against Trustees

Where Servicer and Originator Were the Same, Originator’s Failure to Cure Defective Loans Constituted Servicer Failure to Perform Event of Default

On September 21, 2023, Judge Engelmayer of the S.D.N.Y, issued a decision in Ambac Assurance Corporation v. U.S. Bank, 17 Civ. 2614 (PAE) (KHP), holding that where the servicer and originator were the same, the originator’s failure to cure defective loans was a servicer failure to perform event of default. Continue reading Where Servicer and Originator Were the Same, Originator’s Failure to Cure Defective Loans Constituted Servicer Failure to Perform Event of Default

Lack of Cede & Co. Authorization to Sue is a Curable Defect in Standing Not Requiring Dismissal
ABS Update / Claims Against Trustees

Lack of Cede & Co. Authorization to Sue is a Curable Defect in Standing Not Requiring Dismissal

On May 25, 2022, Justice Chan of the New York County Commercial Division issued a decision in Park Royal I LLC v. HSBC Bank USA, N.A., 2022 NY Slip Op. 31715(U), holding that a lack of a Cede & Co. authorization when an action was filed was a curable defect in standing and was not a basis for dismissal . . . Continue reading Lack of Cede & Co. Authorization to Sue is a Curable Defect in Standing Not Requiring Dismissal