Volume 2014 - Number 27
July 11, 2014
‘Flood of Litigation’ Expected Against Non-Agency MBS Trustees for Failing to Pursue Buyback Claims
The six lawsuits filed in June by institutional investors against non-agency MBS trustees are just the beginning of actions against trustees, according to an attorney who has pursued representation-and-warranty claims against non-agency MBS issuers. “We are likely to see a flood of litigation against trustees alleging that the banks sat on their hands and blew the statute of limitations on valuable putback claims,” according to Isaac Gradman, an attorney at Perry Johnson Anderson Miller & Moskowitz. The June lawsuits by BlackRock, PIMCO and other institutional investors targeted...
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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.
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