ABS Updates are brief notes on developing events relating to structured finance litigation
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
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
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
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
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 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
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
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
Here are some thoughts based on a first, quick reading of the Commerzbank v. U.S. Bank RMBS trustee summary judgment decision: On standing, the court held that New York law Continue reading Thoughts on the Commerzbank v. U.S. Bank Summary Judgment Decision
Our friends at the Oakleaf Group recently published a paper analyzing Moody’s recent RMBS rating action.
