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Subjecting Mortgage-Backed Securities To TIA

Law360, New York (June 8, 2012, 1:33 PM EDT) -- U.S. District Judge William Pauley of the Southern District of New York recently held that the Trust Indenture Act applies to mortgage-backed notes issued by trusts. Retirement Board of the Policemen's Annuity and Benefit Fund of the City of Chicago v. The Bank of New York Mellon, No. 11 Civ. 5459 (S.D.N.Y. Apr. 3, 2012). This appears to be the first time that a court has concluded that residential mortgage-backed securities (RMBS) constitute debt not equity, and are therefore subject to the Trust Indenture Act of 1939 (TIA)....

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