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.
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
