3rd Circ. Won't Rehear Dispute Over Bear Stearns MBS Sale

Law360 (January 24, 2020, 4:22 PM EST) -- The Third Circuit said Friday it will not rehear a case over whether Bear Stearns & Co. Inc. skirted bankruptcy law by auctioning off to itself a set of mortgage-backed securities that it held as collateral on a defaulted loan to HomeBanc Mortgage Corp.

The court said in the order that none of the three judges who served on the panel that heard the case voted to rehear, and a majority of the remaining judges also voted not to rehear the case. The order did not provide a vote count or additional reasoning behind the decision.

The decision comes in response...

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