$615M MBS Suit Aims To Rewrite Deal's Terms, Deutsche Says
By Kathryn Brenzel
Law360, New York (May 6, 2013, 6:16 PM EDT) -- Deutsche Bank Structured Products sought Friday to dismiss a suit accusing it of misrepresenting the risk of $615 million pool of mortgage loans underlying residential mortgage-backed securities, arguing trustee HSBC Bank USA NA didn't give it an adequate chance to correct possible issues before filing suit.
Plaintiff HSBC, the trustee for ACE Securities Corp. Home Equity Loan Trust Series 2007-HE3, had only one option for seeking relief, according to DBSP's motion filed in New York federal court. The trustee had to promptly notify DBSP of the...