Suit Brought Against Deutsche Bank Over $183 Million in Securitized Mortgage Loans

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On September 27, HSBC Bank USA, National Association, in its capacity as trustee of ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE4, filed a summons with notice of claims against Deutsche Bank Structured Products, Inc. in the Supreme Court for the State of New York, New York County. The complaint alleges Deutsche Bank securitized $183 million in mortgage loans that did not conform to the applicable representations and warranties in its mortgage loan purchase agreement and purchase and sale agreement. HSBC’s claims are for breach of contract and it seeks specific performance of repurchase obligations and/or damages. Summons with Notice.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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