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Article

Maurice Wutscher LLP | USA | 8 Dec 2015

2nd Cir Holds Massive Repurchase Action Time-Barred

The U.S. Court of Appeals for the Second Circuit recently affirmed the dismissal of an action by the trustee of a residential mortgage-backed

Article

Mills & Reeve LLP | United Kingdom | 24 Oct 2011

Solicitors’ liability for breach of trust

Where the defendant firm of solicitors had paid away mortgage monies to the vendors’ purported solicitors who did not exist in breach of the Council of Mortgage Lenders’ (CML) Handbook, they were liable to the lender for breach of trust.

Article

Orrick, Herrington & Sutcliffe LLP | USA | 6 Sep 2011

U.S. bank sues Bank of America over $1.75 billion Countrywide RMBS deal

On August 29, 2011, U.S. Bank National Association ("U.S. Bank") filed a lawsuit against Bank of America and certain affiliates, as successor to Countrywide Financial Corp., in the Supreme Court for the State of New York. U.S. Bank, as Trustee of the RMBS transaction, filed this suit at the direction of trust investors, in order to force Bank of America to repurchase each of the securitized loans underlying the trust.

Article

Orrick, Herrington & Sutcliffe LLP | USA | 8 Aug 2011

Walnut place files derivative suit against bank of New York Mellon and Countrywide in response to recent settlement

On August 2, 2011, several investment entities under the name Walnut Place ("Plaintiffs") filed a derivative complaint against Countrywide Home Loans on behalf of Bank of New York Mellon ("BNYM") in New York State Court.

Article

Orrick, Herrington & Sutcliffe LLP | USA | 8 Aug 2011

New York Attorney General and other parties move to intervene in the Bank of America and Bank of New York Mellon settlement

On August 4, 2011, New York Attorney General Eric T. Schneiderman moved to intervene in the June 29, 2011 settlement between Bank of America and Bank of New York Mellon ("BNYM"), the trustee for 530 trusts created by Countrywide entities.

Article

Dykema Gossett PLLC | USA | 8 Feb 2011

California appeals court gives breath to loan modification claims

Just when you thought courts were beginning to put an end to spurious mortgage loan modification expectation claims, a California appeals court has offered borrowers a reprieve.

Article

Haynes and Boone LLP | USA | 22 Dec 2009

Weathering the storm: insurance coverage and insolvency: maximizing recovery in bankruptcy

As we count down the days until the New Year, we are reminded of the momentous year we will leave behind us on December 31.

Article

McDermott Will & Emery | USA | 10 Dec 2007

Challenging times for CDO trustees

Collateralised debt obligation (CDO) transactions have recently come under scrutiny as a result of the subprime mortgage crisis.

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