News & Analysis as of

Representations and Warranties Residential Mortgage-Backed Securities Mortgages

Kramer Levin Naftalis & Frankel LLP

New York Court of Appeals Tightens Notice Requirements in RMBS Litigation

On March 17, 2022, the New York State Court of Appeals issued a significant decision affecting RMBS putback litigation governed by New York law. The decision, U.S. Bank National Association v. DLJ Mortgage Capital, 2022 WL...more

Bilzin Sumberg

Rulings on Standing and Statute of Limitations Deliver Huge Blow to RMBS Investors

Bilzin Sumberg on

Last week, the U.S. District Court for the Southern District of New York dealt a major blow to mortgage investors in two parallel actions pending for the past few years. The impact proved to be fatal to one of the actions,...more

Bilzin Sumberg

Still Litigating the 2007-08 Financial Crisis: The Claims Keep Coming

Bilzin Sumberg on

One would think that, as we approach 2021, litigation related to residential mortgage loans originated and sold well over a decade ago would be ancient history. Nevertheless, some suits filed years ago remain active, and,...more

Bilzin Sumberg

New York High Court Rules on Statute of Limitations

Bilzin Sumberg on

Over the last several years, we have posted several times about whether the statute of limitations bars remedies against lenders (and sometimes sponsors and trustees) of residential mortgages. ...more

Bilzin Sumberg

Jury, Not Judge, Must Decide Meaning of Representations

Bilzin Sumberg on

Last month, New York’s intermediate appellate court reversed a grant of summary judgment in favor of plaintiff MBIA Ins. Corp. MBIA, an insurer of RMBS trusts and a common plaintiff in this type of litigation, had sued Credit...more

Cadwalader, Wickersham & Taft LLP

Accrual Clauses in RMBS Contracts Violate New York Law and Public Policy

On October 16, 2018, the New York State Court of Appeals held that contractual attempts to extend the statute of limitations for causes of action involving breaches of contract are unenforceable because they violate New York...more

Orrick - Finance 20/20

Court Denies Dismissal of RMBS Trustee’s Claim for Failure to Notify

Orrick - Finance 20/20 on

On March 7, 2018, New York Supreme Court Justice Marcy S. Friedman denied a motion by Morgan Stanley ABS Capital I Inc. (“Morgan Stanley”) to dismiss a claim by RMBS Trustee Deutsche Bank National Trust Company (the...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Fair and Effective Markets Review Publishes Final Report - On June 10, 2015, the Fair and Effective Markets Review (FEMR), established by the Chancellor in June 2014 to conduct a review of fixed income, currency and...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

European Commission Unveils Tax Transparency Package - The European Commission has laid out its plans in a new Tax Transparency Package to clamp down on tax deals made between EU governments and multi-national...more

Orrick - Finance 20/20

U.S. Bank Sues Citigroup in Connection with $528 Million of RMBS

Orrick - Finance 20/20 on

On December 22 and 23, U.S. Bank National Association, as trustee for three RMBS trusts, filed three separate summonses with notice in the Supreme Court of the State of New York. U.S. Bank alleges that Citigroup...more

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