ABS Updates are brief notes on developing events relating to structured finance litigation
Here is last week’s decision on US Bank’s motion to dismiss by Justice Borrok in MLRN v. US Bank, 652712/2018, an RMBS trustee action. Read the whole thing; here are Continue reading Pleading Standard in RMBS Cases is a Low Bar
A certificateholder recently filed a trust instruction proceeding challenging a proposed put-back action settlement relating to OWNIT 2006-7. Here is the petition and the court’s scheduling order.
The SDNY recently published a decision in FDIC v. CSFB discussing, among other things, the statute of limitations for ’33 Act claims. While the discussion relates to the ’33 Act, Continue reading Limitations Period for ’33 Act Claims; Willful Blindness is Evidence of Knowledge of a Fact
On October 10, 2019, the First Department issued a decision in U.S. Bank N.A. v. DLJ Mtge. Capital, Inc., 2019 NY Slip Op. 07327 [176 AD3d 466], holding that when an initial put-back demand is timely made and gives notice of the possibility that other nonconforming loans might later be identified, later notices of nonconforming loans relate back to the initial, timely notice. Continue reading When Initial Put-Back Demand is Timely, Later Notices Relate Back to the Initial, Timely Notice
On September 17, 2019, the First Department issued a decision in HSBC Bank USA v. Merrill Lynch Mtge. Lending, Inc., 2019 NY Slip Op. 06567 [175 AD3d 1149], holding that a PSA’s sole remedy provision allied only to claims for breach of representations and warranties. Continue reading Sole Remedy Provision Applied Only to Breach of Representation and Warranty Claims
On September 17, 2019, the First Department issued a decision in Ambac Assur. Corp. v. Countrywide Home Loans Inc., 2019 NY Slip Op. 06570 [175 AD3d 1156], approving sampling in monoline cases. Continue reading First Department Approves Sampling in Monoline Cases
The First Department unanimously affirmed Justice Scarpulla’s January 9, 2019, partial summary judgment order in HEMT 2006-5 et al vs. DLJ MORTGAGE CAPITAL, INC., et al, Index No. 653787/2012. Continue reading New First Department Put-Back Action Decision and New Settlement
Here are the complaints in two recent put-back actions (here and here) and a letter to the court in Royal Park v. HSBC indicating that the parties have settled their Continue reading New Put-Back Actions and Another Royal Park Settlement
Our friends at the Oakleaf Group recently published a paper on the optional call and redemption process for non-agency RMBS.
