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Volume 2014 - Number 3

January 24, 2014

Judges’ Rulings Keep Alive Repurchase Lawsuits Against GE, TWC Asset Management; BofA Ruling Expected Soon

A Manhattan federal judge last week ruled that Bank of New York Mellon may proceed with repurchase claims against a General Electric unit in connection with a $900 million non-agency MBS. BNYM, in its capacity as trustee for a pool of loans known as GE-WMC Mortgage Securities Trust 2006-1, filed suit against GE Mortgage Holdings and WMC Mortgage LLC in New York state court in 2012, where the defendants promptly moved the legal action to federal court to dismiss it. Following the court’s denial of the defendant’s motions to dismiss, GE Mortgage filed...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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