U.S. RMBS Market Readies Itself for LIBOR Transition
The Oakleaf Group recently posted an analysis of LIBOR transition as it relates to RMBS.
New York Recognizes Cross-Jurisdictional Class Action Tolling
The New York Court of Appeals has ruled that New York recognizes cross-jurisdictional class action tolling. Here is how the decision makes a difference. If a class action was brought Continue reading New York Recognizes Cross-Jurisdictional Class Action Tolling
Court Chides Servicer for Failing to Pursue Foreclosure
This decision by the Second Department is not unusual: it is not uncommon to see foreclosure litigation turning into a discussion of the trust’s failure to pursue its rights diligently—or at all. Continue reading Court Chides Servicer for Failing to Pursue Foreclosure
Indenture Left Trustee Without Standing to Sue When Trust Was Not in Default
Justice Schecter of the New York County Commercial Division recently held that an indenture trustee lacked standing to sue to protect the trust because an event of default had not Continue reading Indenture Left Trustee Without Standing to Sue When Trust Was Not in Default
Court of Appeals Accepts Certified Question re: Usury
The New York Court of Appeals today accepted the following certified questions from the Ninth Circuit regarding usury and litigation funding in Fast Track Investment Company, LLC, v. Sax. Whether Continue reading Court of Appeals Accepts Certified Question re: Usury
An ABS Grab bag: Champerty, TIP’s, Daubert; Statute of Limitations and CLOs
John Orenstein of Greene Espel in Minneapolis shared with me two things. The first is a decision in a TIP where the majority certificateholder opposed a put-back action (something you Continue reading An ABS Grab bag: Champerty, TIP’s, Daubert; Statute of Limitations and CLOs
Trustee Action Settlement
Royal Park is settling its lawsuit with BoNYM. Because it is a derivative action, certificateholders in the affected trusts will be given notice and an opportunity to substitute in regarding Continue reading Trustee Action Settlement
U.S. Bank Doubles Down on Argument that Transfers of RMBS Certificates Governed by New York Law
U.S. Bank recently filed its opposition to Commerzbank’s motion for reconsideration. In it, U.S. Bank expanded on its argument that the transfer of certificates in RMBS trusts occurs in New Continue reading U.S. Bank Doubles Down on Argument that Transfers of RMBS Certificates Governed by New York Law
Trustee Action Settlement; The Pandemic and the CLO Market
Commerzbank has settled its claims with BofA in Commerzbank v. U.S. Bank and BofA. Attached is a complaint related to a CLO deal that did not close because of the Continue reading Trustee Action Settlement; The Pandemic and the CLO Market
Effect of Pandemic on CMBS Market
Here is an article from Law360 about the effect of the current economic crisis on CMBS (subscription required). As with RMBS, CLOs and similar products, the lesson from the last Continue reading Effect of Pandemic on CMBS Market