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BNY Asks New York Court To Clear Up RMBS Interest Dispute

Law360 (January 25, 2019, 6:51 PM EST) -- The Bank of New York Mellon urged a New York state court Thursday to clarify whether it properly calculates excess interest on certain certificates that entitle their holders to part of the mortgage loans held within residential mortgage-backed securitization trusts amid a related federal court fight.

The dispute centers on whether the bank should calculate interest using the current or the original mortgage loan interest rates. While the bank claims it should use a so-called “pass-through rate,” which the complaint states changes as interest rates in the underlying loans are changed, Silian Ventures LLC argued in a mid-December New York federal court lawsuit that...

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